Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journ co. purchased short-term investments in avai

Journ Co. purchased short-term investments in available-for-sale securities at a cost of $51,000 on November...

70.2K

Verified Solution

Question

Accounting

Journ Co. purchased short-term investments in available-for-sale securities at a cost of $51,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $47,900. This is the first and only time the company has purchased such securities. 1. & 2. Prepare the December 31, 2017, year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $26,520.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Ratio Analysis The comparative statements of financial position of IKEA Furniture Outlay Retail Shop in Sydney for the...

Accounting
Q

write a conclusion of 500 words about the negative effect on social media on relationship/mariages

Psychology
Q

Predation has been hypothesized as one of the most important driving forces for increasing biodiversity...

Biology
Q

Plot the given point in a rectangular coordinate system 0 0 10884 10 B 6...

Basic Math
Q

Simple Event Enter fractions in reduced form using a for the fraction bar Do not...

Statistics
Q

Use the a, b, and c-sliders to graph the function f(x) =3/x+2 +1. Complete parts...

Calculus
Q

Silver Company makes a product that is very popular as a Mother's Day...

Accounting
Q

This year, Jason sold some qualified small business stock that he acquired in 2008. His...

Accounting
Q

Betty owns sinty percent (60w) of Gates Corporation, a colendar year 5 Corporation. At the...

Accounting
Q

French Corporation wishes to hire Leslie as a consultant to design a comprehensive staff training...

Accounting
Q

Minor Electric has received a special one-time order for 800 light fixtures (units) at $3...

Accounting
Q

Fill in the missing amounts in each of the eight cases below. Each case is...

Accounting