EverOne Corp. has the following securities in its trading portfolio of securities on December 31, 2014. All
Question:
EverOne Corp. has the following securities in its trading portfolio of securities on December 31, 2014.
![EverOne Corp. has the following securities in its trading portfo](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images5/253-B-A-I(3470)-1.png)
All of the securities were purchased in 2014.
In 2015, EverOne completed the following securities transactions.
May 1 Sold 500 shares of Swiper Inc., preferred, @ $230 less fees of $2,650.
Oct. 21 Sold the balance of Swiper Inc., preferred, @ $220 plus fees of $3,230.
EverOne Corp.’s portfolio of trading securities appeared as follows on December 31, 2013.
![EverOne Corp. has the following securities in its trading portfo](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images5/253-B-A-I(3470)-2.png)
Instructions
Prepare the general journal entries for EverOne Corp. for:
(a) The 2014 adjusting entry.
(b) The May sale of the Swiper stock.
(c) The October sale of the Swiper stock.
(d) The 2015 adjusting entry for the tradingportfolio.
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield