Owen Corporation, which has begun investing in trading securities, engaged in the following transactions: Jan. 6 Purchased
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Owen Corporation, which has begun investing in trading securities, engaged in the following transactions:
Jan. 6 Purchased 7,000 shares of Google stock, $60 per share.
Feb. 15 Purchased 9,000 shares of Starbucks, $44 per share.
At year end on June 30, Google was trading at $80 per share, and Starbucks was trading at $36 per share.
Record the entries for the purchases. Then record the necessary year-end adjusting entry. (Include a schedule of the trading portfolio cost and market in the explanation.) Also record the entry in journal form for the sale of all the Starbucks shares on August 20 for $32 per share. Is the last entry affected by the June 30 adjustment?
PortfolioA 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...
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Jan 6 ShortTerm Investments 420000 Cash 420000 Purchase of Google shares a...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-1439037805
9th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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