Kenseth Company has the following securities in its trading portfolio of securit
ID: 2455832 • Letter: K
Question
Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2013.
Investments (Trading)
Cost
Fair Value
All of the securities were purchased in 2013.
In 2014, Kenseth completed the following securities transactions.
Kenseth Company’s portfolio of trading securities appeared as follows on December 31, 2014.
Investments (Trading)
Cost
Fair Value
Prepare the general journal entries for Kenseth Company for:
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
(d)
Investments (Trading)
Cost
Fair Value
1,500 shares of Gordon, Inc., Common $99,750 $96,260 5,000 shares of Wallace Corp., Common 192,900 188,380 400 shares of Martin, Inc., Preferred 66,560 68,330 $359,210 $352,970Explanation / Answer
To Investment -Gordon 3490
To Investment -Wallace 4520
Investment -Martin A/C Dr 6240
To Investment gain 6240
Cash A/C Dr 78092
To Investment A/C 99750
To Cash A/C 63125
To Investment -Wallace 4520
To Investment -Earnhart 3450
To Investment -Martin 2600
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