Instructions Chart of Accounts Journal Instructions
Instructions Chart of Accounts Journal Instructions
Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3. The cost and fair value of this portfolio on December 31, 20Y3, was as follows:
Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 2013. Refer to the Chart of Accounts for exact wording of account titles.
On January 1, 2045, Valuation Allowance for Available for Sale Investments had a zero balance. On December 31, 20Y5, the cost of the available for sale securities was $117,000, and the fair value was $120,200.
Prepare the adjusting entry to record the unrealized gain or loss on available for sale investments on December 31, 20Y5 2015 Dec. 31.
Homework Answers
Jet Bancorp Inc.
| Account Titles | Debit | Credit | |
| Unrealized loss on trading investments | $ 7,900 | =95060-87160 | |
| Valuation allowance for Trading Investments | $ 7,900 |
| Account Titles | Debit | Credit | |
| Valuation allowance for Available-for-sale securities | $ 3,200 | =120200-117000 | |
| Unrealized gain on securities | $ 3,200 |
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