Khan Ali Company has the following securities in its portfolio of equity securities on December...
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Khan Ali Company has the following securities in its portfolio of equity securities on December 31, 2018: Cost Fair Value 15,000 shares of Nazim., Common $260,250 $271,625 6,000 shares of LLD, Common 64,000 58,600 $324,250 $330,225 All of the common stock securities had been purchased in 2018. In 2019, Khan Ali completed the following securities transactions: May 21 Sold 6,000 shares of Nazim Corporation Common @ $19 less fees of $10 April 1 Bought 975 shares of Aziz Common @ $79 plus fees of $10 The Khan Ali Company portfolio of equity securities appeared as follows on December 31, 2019: Cost Fair Value 9,000 shares of Nazim Common $156,150 $191,800 975 shares of Aziz Common 77,035 98,140 6,000 shares of LLD, Common 64,000 81,400 $297,185 $371,340 Instructions Prepare the general journal entries for Khan Ali Company for: (a) the 2018 adjusting entry. (b) the sale of the Nazim. stock. (c) the purchase of the Aziz stock. (d) the 2019 adjusting entry
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