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Please help me out, I need this as soon as possible, take your time but please answer when you can. Journal entry worksheet Record the
Please help me out, I need this as soon as possible, take your time but please answer when you can.
Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Journal entry worksheet Record sale of 8% of available-for-sale securities. Note: Enter debits before credits. OS C-7 (Algo) Accounting for avallable-for-sale debt securities LO P3 Joum Company purchased short-term investments in available-for-sale debt securities at a cost of $50,200 cash on November 25 . At December 31 , these securities had a fair value of $47,400. This is the first and only time the company has purchased such securities. 1. 2. \& 3. Prepare the November 25 entry to record the purchase of debt securities, the December 31 year-end adjusting entry for the securities' portfolio, and the April 6 entry when Journ sells 8% of these securities ( $4,016 cost) for $6,700 cash. QS C-8 (Algo) Recording fair value adjustment for avallable-for-sale debt securitles LO P3 During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $84,000 cost. At its December 31 year-end, these securities had a fair value of $70,600. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. QS C-6 (Algo) Accounting for debt investments classified as held-to-maturity LO P2 Prepare Garzon Company's journal entries to record the following transactions for the current year. January 1 Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at a cost of $52,800, which is the par value. June 30 Receives first semiannual payment of interest from PBS bonds. December 31 Receives a check from PBS in payment of principal ($52,800) and the second semiannual payment of interest. Journal entry worksheet Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at a cost of $52,800, which is the par value. Note: Enter debits before credits. Journal entry worksheet Receives first semiannual payment of interest from PBS bonds. Note: Enter debits before credits. Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. QS C-4 (AIgo) Fair value adjustment to a portfolio of trading securities LO P1 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities. Journal entry worksheet Receives a check from PBS in payment of principal ($52,800) and the second semiannual payment of interest. Note: Enter debits before credits. Journal entry worksheet Purchases 8.5% bonds (as a held-to-maturity investment) issued by PBS at a cost of $52,800, which is the par value. Note: Enter debits before credits. Journal entry worksheet Record purchase of available-for-sale securities. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the year-end adjustment to fair value, If any. Note: Enter debits before credits Step by Step Solution
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