Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2008. All
Question:
Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2008.
All of the securities were purchased in 2008.
In 2009, Kenseth completed the following securities transactions.
March 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of $1,200.
April 1 Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300.
Kenseth Company's portfolio of trading securities appeared as follows on December 31, 2009.
Instructions
Prepare the general journal entries for Kenseth Company for:
(a) The 2008 adjusting entry.
(b) The sale of the Gordon stock.
(c) The purchase of the Earnhart stock.
(d) The 2009 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 principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso