Question
9. On August 20, 2024, Madak, Co. decides to invest excess cash of $4,300 by purchasing Jackrabbit, Inc. bonds. At year-end, December 31, 2024, the
9. On
August
20,
2024,
Madak,
Co. decides to invest excess cash of
$4,300
by purchasing
Jackrabbit,
Inc. bonds. At year-end,
December
31,
2024,
the market price of the bonds was
$4,000.
The investment is categorized as available-for-sale debt. Journalize the adjusting entry needed at
December
31,
2024.
(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
| Date | Accounts and Explanation | Debit | Credit | ||
|---|---|---|---|---|---|
| 2024 |
|
|
| ||
| Dec. 31 |
|
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| ||
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Accounting Information Systems Understanding Business Processes
Authors: Brett Considine, Alison Parkes, Karin Olesen, Michael Lee, Derek Speer
3rd Edition
1742165559, 978-1742165554
