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Trading Securities P 1. Omar Corporation

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Question;Trading Securities P 1. Omar Corporation, which has begun investing in trading securities, engaged in the following transactions:Jan. 6 Purchased 7,000 shares of Quaker Oats stock, $30 per share.Feb. 15 Purchased 9,000 shares of EG&G, $22 per share.At year end on June 30, Quaker Oats was trading at $40 per share, and EG&G was trading at $18 per share.Record the entries in journal form for the purchases. Then record the necessary year-end adjusting entry. (Include a schedule of the trading portfolio cost and market in the explanation.)Also record the entry for the sale of all the EG&G shares on August 20for $16 per share. Is the last entry affected by the June 30 adjustment?

 

Paper#37234 | Written in 18-Jul-2015

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