Sheridan Company has the following securities in its portfolio of equity securities on December 31, 2021 Cost Fair Value 5,000 shares of Thomas Corp , Common $150,000 $137,000 10,000 shares of Gant, Common 183,000 191,700 $333,000 $328,700 All of the securities had been purchased in 2021 In 2022, Sheridan Company completed the following securities transactions March 1 Sold 5,000 shares of Thomas Corp , Common $31 less fees of $1,500 April 1 Bought 600 shares of Werth Stores, Common $43 plus fees of $530 The Sheridan Company portfolio of equity securities appeared as follows on December 31, 2022 Cost Fair Value 10,000 shares of Gant, Common $183,000 $193,600 600 shares of Werth Stores, Common 26,330 24,410 $209,330 $218,010 Prepare the general journal entry for Sheridan Company for the 2021 adjusting entry (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 ) Date Account Titles and Explanation Debit Credit 12 31 21 Prepare the general journal entry for Sheridan Company for the sale of the Thomas Corp stock (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 ) Date Account Titles and Explanation Debit Credit 3 1 22 Prepare the general journal entry for Sheridan Company for the purchase of the Werth Stores' stock (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 ) Date Account Titles and Explanation Debit Credit 4 1 22 Prepare the general journal entry for Sheridan Company for the 2022 adjusting entry (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 ) Date Account Titles and Explanation Debit Credit 12 31 22

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Posted on Aug 06, 2024

Sheridan Company has the following securities in its portfolio of equity securities on December 31, 2021: Cost Fair Value 5,000 shares of Thomas Corp., Common

Sheridan Company has the following securities in its portfolio of equity securities on December 31, 2021:

	Cost	Fair Value
5,000 shares of Thomas Corp., Common	$150,000	$137,000
10,000 shares of Gant, Common	183,000	191,700
	$333,000	$328,700

All of the securities had been purchased in 2021. In 2022, Sheridan Company completed the following securities transactions:

March 1		Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.
April 1		Bought 600 shares of Werth Stores, Common @ $43 plus fees of $530.

The Sheridan Company portfolio of equity securities appeared as follows on December 31, 2022:

	Cost	Fair Value
10,000 shares of Gant, Common	$183,000	$193,600
600 shares of Werth Stores, Common	26,330	24,410
	$209,330	$218,010

Prepare the general journal entry for Sheridan Company for the 2021 adjusting entry. (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.)

Date	Account Titles and Explanation	Debit	Credit
12-31-21

Prepare the general journal entry for Sheridan Company for the sale of the Thomas Corp. stock. (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.)

Date	Account Titles and Explanation	Debit	Credit
3-1-22

Prepare the general journal entry for Sheridan Company for the purchase of the Werth Stores' stock. (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.)

Date	Account Titles and Explanation	Debit	Credit
4-1-22

Prepare the general journal entry for Sheridan Company for the 2022 adjusting entry. (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.)