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dybincka [34]
3 years ago
13

The trading securities portfolio of Jerome, Inc., had a total cost of $3,000 and a fair value of $2,800 on December 31, which is

the first year it held trading securities. Complete the necessary adjusting entry.
Business
1 answer:
Elina [12.6K]3 years ago
8 0

Answer:

Dr Unrealized Loss - Income $200

Cr Fair value adjustment - trading $200

Explanation

Preparation of the necessary adjusting entry

Based on the information given the appropriate adjusting journal entry is :

Dr Unrealized Loss - Income $200

($3,000 - $2,800)

Cr Fair value adjustment - trading $200

(To recrod adjustment to fair value for trading securities )

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