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Kenseth Company has the following securities in its trading port- folio of securities on December 31, 2013.
1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp., Common 400 shares of Martin, Inc., Preferred
$ 73,500 180,000 60,000
$ 69,000 175,000 61,600
All of the securities were purchased in 2013. In 2014, Kenseth completed the following securities transactions.
March 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of $1,200 April 1 Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300
Kenseth Company’s portfolio of trading securities appeared as follows on December 31, 2014.
Investments (Trading) Cost
5,000 shares of Wallace Corp., Common $180,000 700 shares of Earnhart Corp., Common 53,800 400 shares of Martin, Inc., Preferred 60,000
$175,000 50,400 58,000
Prepare the general journal entries for Kenseth Company for:
(a) The 2013 adjusting entry. (b) The sale of the Gordon stock. (c) The purchase of the Earnhart stock. (d) The 2014 adjusting entry for the trading portfoli
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