2. Hex Corporation showed the following amounts in the equity section of its balance sheet at...
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2. Hex Corporation showed the following amounts in the equity section of its balance sheet at January 1, 2021: Preferred Shares, $2 cumulative (in arrears for 2020), 10,000 shares issued $500,000 Common shares 40,000 shares issued $800,000 Retained Earnings $500,000 In 2021: On Jan. 20, 2021, 10,000 common shares were issued for $150,000. On Nov. 1, 2021, Cash dividends of $90,000 were declared. Dividends will be paid on January 18, 2022. On Dec. 31, 2021 Hex reported revenues of $150,000 and expenses of $80,000 for the year. Prepare journal entries for 2021. Use an Income Summary account and Cash Dividends account as required. 10 2. Hex Corporation showed the following amounts in the equity section of its balance sheet at January 1, 2021: Preferred Shares, $2 cumulative (in arrears for 2020), 10,000 shares issued $500,000 Common shares 40,000 shares issued $800,000 Retained Earnings $500,000 In 2021: On Jan. 20, 2021, 10,000 common shares were issued for $150,000. On Nov. 1, 2021, Cash dividends of $90,000 were declared. Dividends will be paid on January 18, 2022. On Dec. 31, 2021 Hex reported revenues of $150,000 and expenses of $80,000 for the year. Prepare journal entries for 2021. Use an Income Summary account and Cash Dividends account as required. 10
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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