Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 14.00

Dryfus Company

Dryfus Company, which began operations in 2002, invests its idle cash in trading securities. The following transactions relate to the company's short-term investments in its trading securities.

 

2002 Transactions in Trading Securities

Mar. 10 Purchased 2,450 shares of Ford Motor Company, at $26 per share plus $1,653 commission.
May 7 Purchased 2,200 shares of Lucent at $44.25 per share, plus a $968 commission.
Sep. 1 Purchased 1,200 shares of Black and Decker at $47.50 per share plus a $675 commission.

 

2003 Transactions in Trading Securities

Apr. 26 Sold 2,200 shares of Lucent at $43.75 per share less a $1,050 commission.
  27 Sold 1,200 shares of Black and Decker at $49.25 less a $735 commission.
June 2 Purchased 2,500 shares of Merck stock at $72.50 per share plus a $3,890 brokerage fee.
  14 Purchased 900 shares of Wal-Mart at $50.25 per share plus a $1,082 commission.

2004 Transactions in Trading Securities

Jan. 28 Purchased 2,500 shares of Dell Co. stock at $39.50 per share plus a $2,356 commission.
  31 Sold 2,500 shares of Merck at $71.25 per share less a brokerage commission of $2,356.
Aug. 22 Sold 2,450 shares of Ford Motor Company, at $23.50 per share less $1,437 commission.
Sep. 3 Purchased 3,400 shares of Nokia stock at $41.25 per share plus a $3,000 brokerage fee.
Oct. 9 Sold 900 shares of Wal-Mart at $51.25 per share less a $1,025 commission.

Required:

 

  1. Prepare journal entries to record these short-term investment activities for the years shown. (Ignore any year-end adjusting entries.)

     

  2. On December 31, 2004, prepare the adjusting entry to record the market value of these investments: Nokia's share price was $42.75 and Dell's share price was $42. (The Market Adjustment - Trading account had an unadjusted balance of zero.)

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 02:07 PM My Price 14.00

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