13 oints eBook Print References Mc Graw National Companies, reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Debit $5,000 261,000 13,500 Requirement 0 General Journal General Ledger Credit The company entered into the following transactions during the year. January 15 Issued 12,000 shares of $1 par common stock for $64,000 cash. January 31 Collected $3,000 from customers on account. $ 30,000 104,000 2,000 0 February 15 Reacquired 3,140 shares of $1 par common stock into treasury for $34,540 cash. March 15 Reissued 2,140 shares of treasury stock for $25,540 cash. 10,000 13,500 120,000 $ 279,500 $ 279,500 August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,080 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $244,000 of service revenue, all of which was collected in cash. December 30 Paid $214,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) -

National Companies, reported the following account balances on January 1 . The company entered into the following transactions during the yeat. January is tssued 12,000 thares of $1 par comnon stoek for $64,000 ganb. Jantuary 31 collocted 53,000 from customern on account. Vobzuary 15 feaccuiled 3,240 ahares of $1 par concon atoek into treasury for 534,540 eash. Barch is Beiasued 2, 140 sharea of treasury atock tor $25,540 cash. August 15 Reissued 600 sharen of treanury etook for 34,600 cath. Gepteaber is Declared (bat did not yet pay) a $1 cash dividend on eack outstanding share of conmon atock. Oetober 1 Ieaued 100, 10-year, \$1, 080 boods, at a quived bond price of 101 . ootober 3 Wrote oft a 51,500 bstanco doe fron a cuetcoer wha what bankrupt. becheper 29 hecorded $244,000 of nervice rovenue, a1l of whifah wan collected in canh. Decknher 10 Paid 4214,000 canh for thin ynar'n Nagen throsgh Decenser 31 . (Ignore paysoll taxes and paytot1 Decenber 31 caleatated $10,000 of depreciation for the year to be rocorded. (Ignorn acerual adjustments for interent Journal entry worksheet 1 2 3 (4) 7 8 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. Note: Enter debits before credits