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question trading securities omar corporation which has begun investingin trading sec 4288987


trading Securities Omar Corporation, which has begun investingin 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-endon June 30, Quaker Oats was trading at $40 per share, and EG&Gwas trading at $18 per share. Prepare journal entries to record thepurchase on November 1; the adjustment to accrue interest onDecember 31, which is the end of the fiscal year; and the receiptof cash at the maturity date of April 30, 2015. For a compoundtransaction, if an amount box does not require an entry, leave itblank.

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