Counting Services Inc. has the following portfolio of trading equity securities at 12/31/18. All securities...
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| Counting Services Inc. has the following portfolio of trading equity securities at 12/31/18. All securities were purchased during 2018. | |||||||||
| Symbol | # shares | Total Cost | Market Value | ||||||
| 12/31/18 | 3/31/19 | ||||||||
| AAPL | 1000 | $162,000 | $180 | $245 | |||||
| BMX | 2000 | $47,000 | $30 | $20 | |||||
| DIS | 2000 | $140,000 | $90 | $100 | |||||
| GNC | 3000 | $64,000 | $20 | $17 | |||||
| Total | $243,000 | ||||||||
| a. Prepare the adjustment necessary at 12/31/18. | |||||||||
| b. On March 31, 2019, Counting Services sells 1,000 shares of AAPL for $245. Prepare the journal entry. | |||||||||
| c. On March 31, 2019, Counting Services buys 500 shares of BA for $310. | |||||||||
| d. The market value for the portfolio at March 31, 2019 is given below. Prepare the adjusting entry. | |||||||||
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