Korman Company Has the Following Securities in Its Portfolio of Trading

question 108

Essay

Korman Company has the following securities in its portfolio of trading securities on December 31, 2014: All of the securities had been purchased in 2014. In 2015, Korman completed the following securities transactions:March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.April 1 Bought 600 shares of Werth Stores, Common @ $45 plus fees of $550.The Korman Company portfolio of trading securities appeared as follows on December 31, 2015:
InstructionsPrepare the general journal entries for Korman Company for:
(a) the 2014 adjusting entry.
(b) the sale of the Thomas Corp. stock.
(c) the purchase of the Werth Stores' stock.(d) the 2015 adjusting entry.

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Definitions:

Pelvic Nerves

Nerves located in the pelvis that innervate the lower abdomen, genitals, and parts of the lower back and legs.

Urinary Bladder

A hollow muscular organ in humans and some other animals that collects and stores urine from the kidneys before disposal by urination.

Parasympathetic Axons

Nerve fibers that are part of the parasympathetic nervous system, responsible for transmitting impulses to organs and glands to support rest and digest functions.

Facial Nerve

The facial nerve, also known as cranial nerve VII, is responsible for controlling the muscles of facial expression, taste sensations from the anterior two-thirds of the tongue, and other functions.