To record unrealized gain of $1,000 on the fair value adjustment of the trading securities which of the following journal entry would be passed: Accounts Dr. Cr. a. Trading securities $1,000 Income summary $1,000 b. Income summary $1,000 Trading securities $1,000 c. Trading securities $1,000 Net unrealized lossesiGains $1,000 d. Net unrealized lossestGains $1,000 Trading securities $1,000

To record unrealized gain of $1,000 on the fair value adjustment of the trading securities which of the following journal entry would be passed: Accounts Dr. Cr. a. Trading securities $1,000 Income summary $1,000 b. Income summary $1,000 Trading securities $1,000 c. Trading securities $1,000 Net unrealized lossesiGains $1,000 d. Net unrealized lossestGains $1,000 Trading securities $1,000

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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