Q&M Apparel purchased debt securities on January 1 for $150,000 and classified the investments as trading securities. On December 31, the debt securities are valued at $148,000. Record the year-end entry to adjust these securities to their fair value. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 Record the adjusting trading securities to fair value Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Prev 4 of 7 Next>
Q&M Apparel purchased debt securities on January 1 for $150,000 and classified the investments as trading securities. On December 31, the debt securities are valued at $148,000. Record the year-end entry to adjust these securities to their fair value. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 Record the adjusting trading securities to fair value Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Prev 4 of 7 Next>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q&M Apparel purchased debt securities on January 1 for $150,000 and classified the investments as trading securities. On December
31, the debt securities are valued at $148,000.
Record the year-end entry to adjust these securities to their fair value.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
1
Record the adjusting trading securities to fair value
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
< Prev
4 of 7 www
Next >
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Transcribed Image Text:ces
Q&M Apparel purchased debt securities on January 1 for $150,000 and classified the investments as trading securities. On December
31, the debt securities are valued at $148,000.
Record the year-end entry to adjust these securities to their fair value.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
1
Record the adjusting trading securities to fair value
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
< Prev
4 of 7 www
Next >
Che
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