(Answered) On july 1 2018 wolfpack corporation purchased securities

Accounting

On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 300 shares of Cornett Company common stock which were purchased at $40 per share.

Required:

Prepare the July 1 journal entry to record the purchase of these trading securities. Refer to the Chart of Accounts for exact wording of account titles.

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