Fundamental Accounting Principles -Hardcover
Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077632991
Author: Wild
Publisher: MCG
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Chapter 15, Problem 3QS
To determine

Concept Introduction:

Trading securities are the investments made in the securities with the intent to sell them in short-term.

The Fair-Value adjustments are recorded at the year-end to record the deviations from the price at which securities have been purchased. If the fair value of the shares at the year-end are more than the price at which shares are purchased, the unrealized gain will be recorded, if it less than unrealized loss is recorded and fair value adjustment accounts are created.

The brokerage amount is added to the total amount of purchase in case of the shares purchased and deducted in case of the sale of the shares.


To prepare:

Journal entries for April 18 and May 30.

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Fundamental Accounting Principles -Hardcover

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