After establishing their companys fiscal year-end to be October 31, Natalie and Curtis began operating Cookie & Coffee Creations Inc. on November 1, 2021. The company had the following selected transactions during its first fiscal year of operations. The new corporation is authorized to issue 50,000 shares of $1 par common stock and 10,000 shares of no par, $6 cumulative preferred stock.

Jan. 1		Issued an additional 800 preferred shares to Natalies brother for $4,000 cash.
June 30		Repurchased 750 shares issued to the lawyer, for $500 cash. The lawyer had decided to retire and wanted to liquidate all of her assets.
Oct. 15		The company had a very successful first year of operations and as a result declared dividends of $28,000, payable November 15, 2022. (Indicate the amounts payable to the preferred stockholders and to the common stockholders.)
Oct. 31		The company earned revenues of $472,500 and incurred expenses of $416,500 (including the $750 legal expense from November 1 but excluding income tax). Record income tax expense, assuming the company has a 20% income tax rate.

Prepare the journal entries to record each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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
choose a transaction date Jan. 1June 30Oct. 15Oct. 31	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1June 30Oct. 15Oct. 31	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1June 30Oct. 15Oct. 31	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1June 30Oct. 15Oct. 31	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount
	enter an account title CashCash DividendsDividends PayableCommonDividends PayablePreferredExpensesIncome SummaryIncome Tax ExpenseIncome Tax PayablePreferred StockRetained EarningsRevenuesTreasury Stock	enter a debit amount	enter a credit amount