Question
trading Securities Omar Corporation, which has begun investing in trading securities, engaged in the following transactions: Jan. 6 Purchased 7,000 shares of Quaker Oats stock,
trading Securities Omar Corporation, which has begun investing in trading securities, engaged in the following transactions: Jan. 6 Purchased 7,000 shares of Quaker Oats stock, $30 per share. Feb. 15 Purchased 9,000 shares of EG&G, $22 per share. At year-end on June 30, Quaker Oats was trading at $40 per share, and EG&G was trading at $18 per share. Prepare journal entries to record the purchase on November 1; the adjustment to accrue interest on December 31, which is the end of the fiscal year; and the receipt of cash at the maturity date of April 30, 2015. For a compound transaction, if an amount box does not require an entry, leave it blank.
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