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The City of Jolie Maintains Its Books and Records in a Manner

Question 51

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The City of Jolie maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the city's investment income and related transactions for the year 2017. The city has a 12/31 fiscal year-end. All of the City's investments are required to be reported at fair value. The beginning securities portfolio held by the general fund was as follows: The City of Jolie maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the city's investment income and related transactions for the year 2017. The city has a 12/31 fiscal year-end. All of the City's investments are required to be reported at fair value. The beginning securities portfolio held by the general fund was as follows: a.) Dividends received related to investments held in the general fund, $75. b.) On March 1, Security B is sold for $105. c.) On April 1, Security E is purchased for $145 d.) On May 1 Security D is sold for $140. e.) On December 31, necessary adjusting entries are made to recognize appropriate amounts of gains/losses associated with the securities. The market values of the securities at year-end were as follows: a.) Dividends received related to investments held in the general fund, $75.
b.) On March 1, Security B is sold for $105.
c.) On April 1, Security E is purchased for $145
d.) On May 1 Security D is sold for $140.
e.) On December 31, necessary adjusting entries are made to recognize appropriate amounts of gains/losses associated with the securities. The market values of the securities at year-end were as follows: The City of Jolie maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the city's investment income and related transactions for the year 2017. The city has a 12/31 fiscal year-end. All of the City's investments are required to be reported at fair value. The beginning securities portfolio held by the general fund was as follows: a.) Dividends received related to investments held in the general fund, $75. b.) On March 1, Security B is sold for $105. c.) On April 1, Security E is purchased for $145 d.) On May 1 Security D is sold for $140. e.) On December 31, necessary adjusting entries are made to recognize appropriate amounts of gains/losses associated with the securities. The market values of the securities at year-end were as follows:

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