(Equity Investment-Trading) Ever One Corp. has the following securities in its t
ID: 2473456 • Letter: #
Question
(Equity Investment-Trading) Ever One Corp. has the following securities in its trading port-folio of securities on December 31, 2014. All the securities were purchased in 2014. In 2015, Ever One completed the following securities transactions. Sold 500 shares of Swipor Inc., preferred, $230 less foes of $2,650. Sold the balance of Swiper Inc., preferred. O $220 plus fees of $3,230. Ever One corp's of trading securities appeared as follows on December 31, 2013 Prepare the general journal entries for Ever One corp for: The 2014 adjusting entry The May sale of the Swiper stock. The 2015 adjusting entry for the trading portfollioExplanation / Answer
A./
2014 ADJUSTING ENTRY
TRAADING INVESTMENTS A/C..............................................DR $18500 ($586600 - $568100)
TO UNREALIZED GAIN ON TRADING INVESTMENT $18500
B./
SALE OF SWIPER STOCK
CASH A/C.....................................................................DR $112350
FEES EXPENSES A/C..................................................DR $2650
UNREALIZED GAIN ON SWIPER INC. STOCK...............DR $6125
REALIZED LOSS ON SWIPER INC. STOCKA/C.............DR $9750
TO SWIPER INC. SHARES $130875
C./
OCTOBER SALE OF SWIPER STOCK
CASH A/C.....................................................................DR $62770
FEES EXPENSES A/C..................................................DR $3230
UNREALIZED GAIN ON SWIPER INC. STOCK...............DR $3675
REALIZED LOSS ON SWIPER INC. STOCKA/C.............DR $8850
TO SWIPER INC. SHARES $78525
D./
TRAADING INVESTMENTS A/C..............................................DR $7400 ($375900 - $368500)
TO UNREALIZED GAIN ON TRADING INVESTMENT $7400
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