Terra Cotta Company has the following data at December 31, 2020 for its securities: Security   Cost   Fair Value Available-for-sale   $34,000   $39,000 Trading   46,000   42,000 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31                 (To record available-for-sale securities)     Dec. 31                 (To record trading securities)

Question

Terra Cotta Company has the following data at December 31, 2020 for its securities:

Security   Cost   Fair Value
Available-for-sale   $34,000   $39,000
Trading   46,000   42,000


Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Dec. 31
 
 
 
 
 
 
 
 
(To record available-for-sale securities)
   
Dec. 31
 
 
 
 
 
 
 
 
(To record trading securities)
 

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