Terra Cotta Company has the following data at December 31, 2020 for its securities: Security Cost Fair Value Available-for-sale $34,000 $39,000 Trading 46,000 42,000 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record available-for-sale securities) Dec. 31 (To record trading securities)
Terra Cotta Company has the following data at December 31, 2020 for its securities: Security Cost Fair Value Available-for-sale $34,000 $39,000 Trading 46,000 42,000 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record available-for-sale securities) Dec. 31 (To record trading securities)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Terra Cotta Company has the following data at December 31, 2020 for its securities:
| Security | Cost | Fair Value | ||
| Available-for-sale | $34,000 | $39,000 | ||
| Trading | 46,000 | 42,000 |
Journalize the December 31
|
Date
|
Account Titles and Explanation
|
Debit
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Credit
|
|
Dec. 31
|
|
|
|
|
|
|
|
|
|
(To record available-for-sale securities)
|
|||
|
Dec. 31
|
|
|
|
|
|
|
|
|
|
(To record trading securities)
|
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