Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Jan. 2021

Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter10: Financial Statements And Reports
Section: Chapter Questions
Problem 4.7C
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Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically
Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the
amounts. Round answers to 0 decimal places, eg. 6,225.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Unrealized Holding Gain or Loss - Income
12540
Estimated Liability on Purchase Commitments
12540
eTextbook and Media
List of Accounts
Attempts: 1 of 1 used
(c2)
Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above
existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for
when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal
places, eg. 6,225.)
Date
Account Titles and Explanation
Debit
Credit
Jan.
2021
Transcribed Image Text:Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Jan. 2021
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