
Trading Securities:
Trading security includes the debt and equity securities, the management of company invest in these securities to earn the profit on securities. The trading securities are shown under current assets in the balance sheet.
Journal is the primary record of the business transaction in chronological (date wise) order. Journal Entry contains two effects one is debit and other is credit, under double entry book keeping system.
Adjusting entries are made at the end of the year to adjust the financial position of the enterprise according to accrual basis of accounting.
1.
To prepare: Journal entries to record the transactions.
2.
To prepare: Adjusting Journal entries to record the transaction as on June 30 2018.

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Chapter C Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
- I need the correct answer to this general accounting problem using the standard accounting approach.arrow_forwardYou are employed by an external audit firm that is hired by JBltd, a privately owned incorporated business. Accounting records are maintained on a computer using proprietary software. You have worked on the audit for three years and this year you are in charge of the audit. Your assistant is a newly recruited business graduate who has done an accounting course but has no practical experience. Because of the small size of the company there is limited opportunity for segregation of duties. You decide, as in previous years, that the appropriate audit strategy is to obtain evidence primarily through the performance of substantive procedures. You also plan to perform the audit around the computer as the proprietary software is known to be reliable and details of all transactions and balances can be readily printed out. On arriving at the company's premises in December 2019 to perform the final audit on the 31 October 2019 financial statements, you obtain a copy of the year end bank…arrow_forwardGeneral accountingarrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College