FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 >
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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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