Instructions Chart of Accounts Journal Instructions Gruden wicorp Inc purchased a portfolio of trading securities during Year 1 The cost and fair value of this portfolio on December 31, Year 1, was as follows Name 1 Total Fair Valur Number of Shares 16000 Griffin inc Total Cost $40.000,00 37.500.00 40,000.00 $44.800.00 3.750,00 1.250.00 1.000.00 57000.00 Luck Company 4 Wilson Company Total $112.500.00 $115.590.00 Instructions Chart of Accounts Journal Instructions Com 0 + Wilson Company 1,000.00 40,000.00 57.000.00 3 Total $117,500.00 $115.550.00 On May 10. Year 2. Gruden Bancorp Inc. purchased 1.200 shares of Carroll Inc at $29 per share plus a $100 brokerage commission Required: A Provide the journal entry to record the adjustment of the trading security Portfolio to fair value on December 31. Year 1" B. Provide the joumal entry to record the May 10, Year 2. purchase of Caroline stock *Refer to the Chart of Accounts for exact wording of account lites Chart of Accounts CHART OF ACCOUNTS Gruden Bancorp Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 411 Interest Revenue 412 Dividend Revenue 421 Income of Carroll Inc 431 Gain on Sale of investments 641 Unrealed Gain (Loss) on Trading Investments 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 161 Investments Carroll Inc Stock EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 515 Credit Card Expense ED Chart of Accounts 161 Investments-Carroll Inc Stock 165 Valuation Allowance for Trading Investments 166 Valuation Allowance for Available for Sale Investments 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 721 Loss of Canolline 731 Loss on Sale of Investments LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest Payable 241 Salaries Payable 251 Sales Tax Payable EQUITY Instructions Chart of Accounts Journal Chart of Accounts 241 Salaries Payable 251 Sales Tax Payable 590 Miscellaneous Expense 710 Interest Expense 721 Loss of Carroll Inc 731 Loss on Sale of Investments EQUITY 311 Common Stock 312 Paid In Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid in Capital in Excess of Par Preferred Stock 331 Treasury Stock 332 Paid In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Unrealized Gain (Loss) on Available for Sale investments 351 Cash Dividends 352 Stock Dividends 390 income Summary Instructions Chart of Accounts Journal Journal A Provide the jumal entry to record the adjustment of the trading security portfolio to four value on December 31, Your Refer to the Chart of Accounts for exact wording of account the HOE ACCOUNTING EQUATION JOURNAL LE DESERTION POST CREDIT DATE e Provide the journal entry to record the May 10 Year 2. purchase of Caroline stock. Refer to the Chart of Accounts for entworting of account ACCOUNTING EATION JUUL DAN DORPTION Instructions Chart of Accounts Journal Journal PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCUPTION POSTRES DEBIT CREDIT ASSETS LITIES 1 UTY 2 8 Provide the journal entry to record the May 10, Year 2, purchase of Caroline stock Refer to the Chart of Accounts for exact wording of account the JOURNAL GE 10 ACCOUNTING EQUATION DATE DESCRIPTION POST DE DENT CREDIT LL LOUITY 1
