JOURNAL ENTRIES FOR CULVER COMPANY(a) Adjusting entries for 2020 (in$)31/12/2020 Revenue Account Dr. 9800 To Provision for depreciation Account 9800(Being market value of Gordon inc. and Wallace corporat. depreciated )31/12/2020 Investment in Martin inc. a/c Dr. 1800 To Unrealised Appreciation Reserve a/c 1800(Being market value of Martin inc.appreciated)(b) sale of Gordon stockjournal entry1/03/2021Bank a/c Dr. 66300Loss on disposal of investment alc Dr. 1400 To Investment in Gordon inc a/c 67700(Being sale of Gordon 1500 shares @45 less 1200 fees paid) Provision for depreciation a/c Dr. 1400 To Loss on disposal of investment a/c 1400(Being earlier provision provided reversed on disposal of investment a/c)(c) Purchase of Earnhart corporation:Journal entries01/04/2021 (in $)Bank a/c Dr. 53800 To Investment in Earnhart corporation a/c 53800(Being purchase 700 of Earnhart @75 plus fees of $1300)(d)Adjusting entries for 31/12/2021 ($)1/1/2021 Unrealised Appreciation Reserve a/c Dr. 1800 To Investment in Martin corpor. a/c 1800(Being this appreciation on closing date has been reversed at the beginning of next year)31/12/2021Revenue Account a/c Dr. 10600 To Provision for depreciation Account 10600 (Being market value of Earnhart and Martin shares market value depreciated )PLEASE HELP WITH LIST OF ACCOUNTSAccumulated Other Comprehensive LossAllowance for Doubtful AccountsAllowance to Reduce Inventory to MarketBad Debt ExpenseBonds PayableCashCall OptionCommon StockCost of Goods SoldDebt InvestmentsDividend RevenueDividend ReceivableEquity InvestmentsFair Value AdjustmentFutures ContractGain on Sale of InvestmentsGain on Settlement of Call OptionGain on Settlement of Put OptionInterest ExpenseInterest ReceivableInterest RevenueInventoryInvestment IncomeLoss on ImpairmentLoss on Sale of InvestmentsLoss on Settlement of Call OptionLoss on Settlement of Put OptionNo EntryNotes PayablePaid-in Capital in Excess of Par - Common StockPut OptionRecovery of Loss from ImpairmentRetained EarningsRevenue from InvestmentSales RevenueSwap ContractUnrealized Holding Gain or Loss - EquityUnrealized Holding Gain or Loss - Income **Culver Company Securities Portfolio Overview**Culver Company maintains the following securities in its portfolio as of December 31, 2020. These investments are not accounted for under the equity method.**Portfolio as of December 31, 2020:**| Investments | Cost | Fair Value ||---------------------------------------|----------|------------|| 1,500 shares of Gordon, Inc., Common | $67,700 | $63,000 || 5,000 shares of Wallace Corp., Common | 164,700 | 159,600 || 400 shares of Martin, Inc., Preferred | 59,300 | 61,100 || **Total** | $291,700 | $283,700 |**2021 Securities Transactions:**- **March 1:** Culver sold 1,500 shares of Gordon, Inc., Common, at $45 per share, minus fees of $1,200.- **April 1:** Culver bought 700 shares of Earnhart Corp., Common, at $75 per share, plus fees of $1,300.**Portfolio as of December 31, 2021:**| Investments | Cost | Fair Value ||-----------------------------------------|----------|------------|| 5,000 shares of Wallace Corp., Common | $164,700 | $159,600 || 700 shares of Earnhart Corp., Common | 53,800 | 50,100 || 400 shares of Martin, Inc., Preferred | 59,300 | 57,500 || **Total** | $277,800 | $267,200 |**Tasks:**Prepare the general journal entries for Culver Company for:- (a) The 2020 adjusting entry.- (b) The sale of the Gordon stock.- (c) The purchase of the Earnhart stock.- (d) The 2021 adjusting entry for the trading portfolio. This image represents a ledger or journal entry form commonly used in accounting. It consists of several key components outlined below:### Instructions:- **Credit account titles are automatically indented when an 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.**### Entry Fields:1. **Numbered Entries:** There are four primary sections, labeled (a), (b), (c), and (d). Each section is intended for recording separate transaction entries.2. **Account Titles and Explanation:** Each entry has a space where the account title and a brief explanation or description of the transaction can be provided.3. **Debit and Credit Columns:** For each account entry, there are designated fields to record the debit and credit amounts. These columns help maintain the double-entry accounting system, where every financial transaction affects at least two accounts.This framework is crucial for accurate bookkeeping, enabling businesses and accountants to track financial transactions systematically. It ensures all debits and credits are balanced, supporting effective financial management and reporting.

Name: JOURNAL ENTRIES FOR CULVER COMPANY(a) Adjusting entries for 2020
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: JOURNAL ENTRIES FOR CULVER COMPANY(a) Adjusting entries for 2020 (in$)31/12/2020 Revenue Account Dr. 9800 To Provision for

The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are allowed to answer only the first three sub-parts in case of multiple sub-parts.a) Account titles Debit Credit Unrealized Holding Gain or Loss—Income (291,700 - 283,700) 8,000.00 Securities Fair Value Adjustment (Trading) 8,000.00 b) Account titles Debit Credit Cash (1,500 x 45) - 1,200 66,300.00 Loss on Sale of Securities 1,400.00 Trading Securities 67,700.00 c) Account titles Debit Credit Trading Securities 53,800.00 Cash 53,800.00

Answered: Culver Company has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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JOURNAL ENTRIES FOR CULVER COMPANY

(a) Adjusting entries for 2020 (in$)

31/12/2020 Revenue Account Dr. 9800

To Provision for depreciation Account 9800

(Being market value of Gordon inc. and Wallace corporat. depreciated )

31/12/2020 Investment in Martin inc. a/c Dr. 1800

To Unrealised Appreciation Reserve a/c 1800

(Being market value of Martin inc.appreciated)

(b) sale of Gordon stock

journal entry

1/03/2021

Bank a/c Dr. 66300

Loss on disposal of investment alc Dr. 1400

To Investment in Gordon inc a/c 67700

(Being sale of Gordon 1500 shares @45 less 1200 fees paid)

Provision for depreciation a/c Dr. 1400

To Loss on disposal of investment a/c 1400

(Being earlier provision provided reversed on disposal of investment a/c)

(c) Purchase of Earnhart corporation:

Journal entries

01/04/2021 (in $)

Bank a/c Dr. 53800

To Investment in Earnhart corporation a/c 53800

(Being purchase 700 of Earnhart @75 plus fees of $1300)

(d)Adjusting entries for 31/12/2021 ($)

1/1/2021 Unrealised Appreciation Reserve a/c Dr. 1800

To Investment in Martin corpor. a/c 1800

(Being this appreciation on closing date has been reversed at the beginning of next year)

31/12/2021

Revenue Account a/c Dr. 10600

To Provision for depreciation Account 10600

(Being market value of Earnhart and Martin shares market value depreciated )

PLEASE HELP WITH LIST OF ACCOUNTS

Accumulated Other Comprehensive Loss
Allowance for Doubtful Accounts
Allowance to Reduce Inventory to Market
Bad Debt Expense
Bonds Payable
Cash
Call Option
Common Stock
Cost of Goods Sold
Debt Investments
Dividend Revenue
Dividend Receivable
Equity Investments
Fair Value Adjustment
Futures Contract
Gain on Sale of Investments
Gain on Settlement of Call Option
Gain on Settlement of Put Option
Interest Expense
Interest Receivable
Interest Revenue
Inventory
Investment Income
Loss on Impairment
Loss on Sale of Investments
Loss on Settlement of Call Option
Loss on Settlement of Put Option
No Entry
Notes Payable
Paid-in Capital in Excess of Par - Common Stock
Put Option
Recovery of Loss from Impairment
Retained Earnings
Revenue from Investment
Sales Revenue
Swap Contract
Unrealized Holding Gain or Loss - Equity
Unrealized Holding Gain or Loss - Income

**Culver Company Securities Portfolio Overview**

Culver Company maintains the following securities in its portfolio as of December 31, 2020. These investments are not accounted for under the equity method.

**Portfolio as of December 31, 2020:**

| Investments | Cost | Fair Value |
|---------------------------------------|----------|------------|
| 1,500 shares of Gordon, Inc., Common | $67,700 | $63,000 |
| 5,000 shares of Wallace Corp., Common | 164,700 | 159,600 |
| 400 shares of Martin, Inc., Preferred | 59,300 | 61,100 |
| **Total** | $291,700 | $283,700 |

**2021 Securities Transactions:**

- **March 1:** Culver sold 1,500 shares of Gordon, Inc., Common, at $45 per share, minus fees of $1,200.
- **April 1:** Culver bought 700 shares of Earnhart Corp., Common, at $75 per share, plus fees of $1,300.

**Portfolio as of December 31, 2021:**

| Investments | Cost | Fair Value |
|-----------------------------------------|----------|------------|
| 5,000 shares of Wallace Corp., Common | $164,700 | $159,600 |
| 700 shares of Earnhart Corp., Common | 53,800 | 50,100 |
| 400 shares of Martin, Inc., Preferred | 59,300 | 57,500 |
| **Total** | $277,800 | $267,200 |

**Tasks:**

Prepare the general journal entries for Culver Company for:
- (a) The 2020 adjusting entry.
- (b) The sale of the Gordon stock.
- (c) The purchase of the Earnhart stock.
- (d) The 2021 adjusting entry for the trading portfolio.

This image represents a ledger or journal entry form commonly used in accounting. It consists of several key components outlined below:

### Instructions:
- **Credit account titles are automatically indented when an 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.**

### Entry Fields:
1. **Numbered Entries:** There are four primary sections, labeled (a), (b), (c), and (d). Each section is intended for recording separate transaction entries.
2. **Account Titles and Explanation:** Each entry has a space where the account title and a brief explanation or description of the transaction can be provided.
3. **Debit and Credit Columns:** For each account entry, there are designated fields to record the debit and credit amounts. These columns help maintain the double-entry accounting system, where every financial transaction affects at least two accounts.

This framework is crucial for accurate bookkeeping, enabling businesses and accountants to track financial transactions systematically. It ensures all debits and credits are balanced, supporting effective financial management and reporting.

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