Multiple Choice
Stock categorized as trading securities is purchased for $72,000.At year end,when the market value of the stock is $63,000,the adjusting entry that would be recorded is:
A) Allowance to Adjust Short-Term Investments to Market 9,000 Unrealized Loss on Investments 9,000
B) Unrealized Loss on Short-Term Investments 9,000 Allowance to Adjust Short-Term Investments to Market 9,000
C) Allowance to Adjust Short-Term Investments to Market 9,000 Short-Term Investments 9,000
D) Realized Loss on Investments 9,000 Short-Term Investments 9,000
Correct Answer:
Verified
Correct Answer:
Verified
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