Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
7th Edition
ISBN: 9781260581256
Author: John Wild
Publisher: McGraw-Hill Education
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Chapter C, Problem 10E
To determine

Available for Sale Security:

These securities are different from the held to maturity security. It includes the debt and equity securities. The main reason to purchase this security is to earn interest and dividend on investment.

Long Term Investment:

Long term investment is the investment for long period generally for more than one year. The long term investment helps in the purchase of fixed assets, expansion, or for growth of the company. It shows under assets head of the balance sheet.

Adjusting Entries:

Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to accrual basis of accounting.

To prepare: Adjusting journal entries to record the fair value adjustment transactions.

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