In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred Feb. 1 Purchased 600 shares of Muninger common stock for $32,400 Mar. 1 Purchased 800 shares of Tatman common stock for $20,000 Apr. 1 Purchased 50 $1,000, 7% Yoakem bonds for $50,000. Interest is payable annually on April 1 July 1 Received a cash dividend of $0.60 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $58 per share. Sept. 1 Reived a $1 per share cash dividend on the Tatman common stock. Oct. 1 Dec. 31 Sold the Yoakem bonds for $49,000 Accrued interest on the Yoakem bonds At December 31, the fair value of the Muninger common stock was $55 per share. The fair value of the Tatman common stock was $24 per share Instructions: 1 To print this page, right click anywhere on the screen you want to print and click on Print. 2 Use the Entries menu to journalize the transactions listed in the problem. 3 Click on New for each transaction 4 Enter the correct transaction date and year given in the problem. 5 These are considered Standard entries to be recorded in the General Journal (chosen by default) 6 Click on the Save icon to save the transaction 7 Use the Reports menu to display/print and review your entries. To print a report, right click anywhere on the screen and click on Print (online version) or use the print icon (CD version) 8 If you need to make changes return to the Entries menu. Get the entry by the number of the transaction. Make your correction and Save the entry 9 Use the Post menu to post the journal entries after all of the transactions are recorded 10 If you need to make changes to an entry once it has been posted, use the Entries menu to get the entry, click on the Void icon, then enter the transaction with a new entry and save and post that entry 11 Use the Entries menu to record the adjusting entry at December 31, 2017, to report the investment securities at fair value. All securities are considered to be trading securities. Check the box next to Adjusting Entries. 12 Use the Post menu to post the adjusting entry 13 Use the Reports menu to access/print the Balance Sheet at December 31, 2017 14 Use the Close menu to close the books. Click on Continue when requested 15 To close a page click on the X in the upper right corner of the page Step 'd' in the text is omitted in GLS. Hint: Gain on Stock Sale is $800 In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred Feb. 1 Purchased 600 shares of Muninger common stock for $32,400 Mar. 1 Purchased 800 shares of Tatman common stock for $20,000 Apr. 1 Purchased 50 $1,000, 7% Yoakem bonds for $50,000. Interest is payable annually on April 1 July 1 Received a cash dividend of $0.60 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $58 per share. Sept. 1 Reived a $1 per share cash dividend on the Tatman common stock. Oct. 1 Dec. 31 Sold the Yoakem bonds for $49,000 Accrued interest on the Yoakem bonds At December 31, the fair value of the Muninger common stock was $55 per share. The fair value of the Tatman common stock was $24 per share Instructions: 1 To print this page, right click anywhere on the screen you want to print and click on Print. 2 Use the Entries menu to journalize the transactions listed in the problem. 3 Click on New for each transaction 4 Enter the correct transaction date and year given in the problem. 5 These are considered Standard entries to be recorded in the General Journal (chosen by default) 6 Click on the Save icon to save the transaction 7 Use the Reports menu to display/print and review your entries. To print a report, right click anywhere on the screen and click on Print (online version) or use the print icon (CD version) 8 If you need to make changes return to the Entries menu. Get the entry by the number of the transaction. Make your correction and Save the entry 9 Use the Post menu to post the journal entries after all of the transactions are recorded 10 If you need to make changes to an entry once it has been posted, use the Entries menu to get the entry, click on the Void icon, then enter the transaction with a new entry and save and post that entry 11 Use the Entries menu to record the adjusting entry at December 31, 2017, to report the investment securities at fair value. All securities are considered to be trading securities. Check the box next to Adjusting Entries. 12 Use the Post menu to post the adjusting entry 13 Use the Reports menu to access/print the Balance Sheet at December 31, 2017 14 Use the Close menu to close the books. Click on Continue when requested 15 To close a page click on the X in the upper right corner of the page Step 'd' in the text is omitted in GLS. Hint: Gain on Stock Sale is $800
