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CCT 102 - Please Do Sections A + B ONLY, Thank You. :)

CCT 102 - Please Do Sections A + B ONLY, Thank You. :)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ACCT 102 - Please Do Sections A + B ONLY, Thank You. :)

Mumford Corporation invested $30,000 in marketable securities at various times during the year. On December 9, it sold some of these investments for $10,000, and on December 18, it sold more of these investments for $5,000. The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. a. Record the purchase of marketable securities during the year. b. Record the sale of marketable securities on December 9. c. Record the sale of marketable securities on December 18. d. Record the necessary fair value adjustment on December 31, assuming that the market value of the company's remaining unsold securities was $20,000. Complete this question by entering your answers in the table below. Required A Required B Required C Required D 27 Record the sale of marketable securities on December 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <> Record the sale of marketable securities on December 9. Note: Enter debits before credits. Date General Journal Debit Credit Dec 9
Transcribed Image Text:Mumford Corporation invested $30,000 in marketable securities at various times during the year. On December 9, it sold some of these investments for $10,000, and on December 18, it sold more of these investments for $5,000. The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. a. Record the purchase of marketable securities during the year. b. Record the sale of marketable securities on December 9. c. Record the sale of marketable securities on December 18. d. Record the necessary fair value adjustment on December 31, assuming that the market value of the company's remaining unsold securities was $20,000. Complete this question by entering your answers in the table below. Required A Required B Required C Required D 27 Record the sale of marketable securities on December 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <> Record the sale of marketable securities on December 9. Note: Enter debits before credits. Date General Journal Debit Credit Dec 9
Mumford Corporation invested $30,000 in marketable securities at various times during the year. On December 9, it sold some of these investments for $10,000, and on December 18, it sold more of these investments for $5,000. The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. a. Record the purchase of marketable securities during the year. b. Record the sale of marketable securities on December 9. c. Record the sale of marketable securities on December 18. d. Record the necessary fair value adjustment on December 31, assuming that the market value of the company's remaining unsold securities was $20,000. Complete this question by entering your answers in the table below. Required A Required B Required C Required D Record the purchase of marketable securities during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of marketable securities. Note: Enter debits before credits. Transaction General Journal Debit Credit 1.
Transcribed Image Text:Mumford Corporation invested $30,000 in marketable securities at various times during the year. On December 9, it sold some of these investments for $10,000, and on December 18, it sold more of these investments for $5,000. The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. a. Record the purchase of marketable securities during the year. b. Record the sale of marketable securities on December 9. c. Record the sale of marketable securities on December 18. d. Record the necessary fair value adjustment on December 31, assuming that the market value of the company's remaining unsold securities was $20,000. Complete this question by entering your answers in the table below. Required A Required B Required C Required D Record the purchase of marketable securities during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of marketable securities. Note: Enter debits before credits. Transaction General Journal Debit Credit 1.
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