Stock Categorized as Trading Securities Is Purchased for $72,000 B)

question 97

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)\(\begin{array}{llr}
• \text {Allowance to Adjust Short-Term Investments to Market } &9,000 \\
• \text { Unrealized Loss on Investments } &&9,000\\
• \end{array}\)
• B)\(\begin{array}{lc}
• \text { Unrealized Loss on Short-Term Investments } & 9,000 \\
• \text { Allowance to Adjust Short-Term Investments to Market } & 9,000
• \end{array}\)
• C)\(\begin{array}{llr}
• \text {Allowance to Adjust Short-Term Investments to Market } &9,000 \\
• \text {Short-Term Investments } &&9,000\\
• \end{array}\)
• D)\(\begin{array}{llr}
• \text { Realized Loss on Investments } &9,000\\
• \text {Short-Term Investments } &&9,000\\
• \end{array}\)

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