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On December 29, 2024, Adams Apples purchased 2,500 shares of General Electric common stock for $33 per share. On December 31, the market value of the stock increased to $35 per share. On January 24, 2025, all of the shares are sold for $31 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet

On December 29, 2024, Adams Apples purchased 2,500 shares of General Electric common stock for $33 per share. On December 31, the market value of the stock increased to $35 per share. On January 24, 2025, all of the shares are sold for $31 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet

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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On December 29, 2024, Adams Apples purchased 2,500 shares of General Electric common stock for $33 per share. On December 31, the market value of the stock increased to $35 per share. On January 24, 2025, all of the shares are sold for $31 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Record the purchase of the investment. Note: Enter debits before credits. Date December 29, 2024 General Journal Debit Credit Record entry Clear entry View general journal > < Prev 3 of 7 Next >
Transcribed Image Text:On December 29, 2024, Adams Apples purchased 2,500 shares of General Electric common stock for $33 per share. On December 31, the market value of the stock increased to $35 per share. On January 24, 2025, all of the shares are sold for $31 per share. Record the initial investment, any fair value adjustment at the end of 2024, and the sale in 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Record the purchase of the investment. Note: Enter debits before credits. Date December 29, 2024 General Journal Debit Credit Record entry Clear entry View general journal > < Prev 3 of 7 Next >
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