Brooks Co. purchases various investments in trading securities at a cost of $57,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $70,000. Required:
a. Prepare the December 31, 2015, year-end adjusting entry for the trading securities’ portfolio.
b. Explain how each account in the entry of part 1 is reported in financial statements.
c. Prepare the January 3, 2016, entry when Brooks sells a portion of its trading securities (that had originally cost $33,000) for $35,000.

Clooney corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. by the end of the month, employees made one expenditure from the petty cash fund (entertainment, $20) and three expenditures with the credit card (postage, $59; delivery, $84; supplies expense, $49).record all employee expenditures, and record the entry to replenish the petty cash fund. the credit card balance will be paid later. (if no entry is required for a transaction/event, select "no journal entry required" in the first account record expenditures from credit card and the petty cash fund.