On April 1, 2020, Gusto Corp. purchases a call option for $500, giving Gusto the right to purchase 1,000 shares of Delta Inc. for $30 each until December 1, 2020. Delta Stock Inc. are currently trading at $30. As of June 30, 2020, the options are trading at $4,800 and the shares are trading at $32 each. As of December 1, 2020, options expire worthless. As of June 30, 2020, the end of Gusto's quarter, 

What  would be the adjusting entry?

Answer rating: 100% (QA)

Answer Heres the potential adjusting entry for Gusto Corp as of June 30 2020 Debit Investment in Cal... View the full answer