Yerbury Corp manufactures construction equipment Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016 Refer to the Chart of Accounts for exact wording of account titles When required, round your answers to the nearest dollar Feb 2 Purchased for cash 5,100 shares of Wong Inc stock for $19 per share plus a $120 brokerage commission Mar 6 Received dividends of $0 35 per share on Wong Inc stock June 7 Purchased 2,000 shares of Wong Inc stock for $24 per share plus a $130 brokerage commission July 26 Sold 6,000 shares of Wong Inc stock for $36 per share less a $95 brokerage commission Yerbury assumes that the first investments purchased are the first investments sold Sept 25 Received dividends of $0 40 per share on Wong Inc stock CHART OF ACCOUNTS Yerbury Corp General Ledger ASSETS 110 Cash 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 Wong 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 LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest Payable 241 Salaries Payable 251 Sales Tax Payable 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 Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account titles When required, round your answers to the nearest dollar PAGE 10 JOURNAL DATE DESCRIPTION POST REF DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 REVENUE 410 Sales 611 Interest Revenue 612 Dividend Revenue 621 Income of Wong Inc 631 Gain on Sale of Investments 641 Unrealized Gain on Trading Investments EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 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 Wong Inc 731 Loss on Sale of Investments 741 Unrealized Loss on Trading Investments

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 06, 2024

Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016. Refer to the Chart

Yerbury Corp. manufactures construction equipment.

Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.

Feb.

Purchased for cash 5,100 shares of Wong Inc. stock for $19 per share plus a $120 brokerage commission.

Mar.

Received dividends of $0.35 per share on Wong Inc. stock.

June

Purchased 2,000 shares of Wong Inc. stock for $24 per share plus a $130 brokerage commission.

July

Sold 6,000 shares of Wong Inc. stock for $36 per share less a $95 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.

Sept.

Received dividends of $0.40 per share on Wong Inc. stock.

CHART OF ACCOUNTS

Yerbury Corp.

General Ledger

	ASSETS
110	Cash
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-Wong 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

	LIABILITIES
210	Accounts Payable
221	Notes Payable
231	Interest Payable
241	Salaries Payable
251	Sales Tax Payable

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

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar..

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11

	REVENUE
410	Sales
611	Interest Revenue
612	Dividend Revenue
621	Income of Wong Inc.
631	Gain on Sale of Investments
641	Unrealized Gain on Trading Investments

	EXPENSES
511	Cost of Merchandise Sold
512	Bad Debt Expense
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 Wong Inc.
731	Loss on Sale of Investments
741	Unrealized Loss on Trading Investments