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ANSWER IN A JOURNAL PLEASE record on October 3 . The market price of the stock was $50 per share on September 2. Required: Journalize
ANSWER IN A JOURNAL PLEASE
record on October 3 . The market price of the stock was $50 per share on September 2. Required: Journalize the entries required on September 2 , October 3 , and November 30 . If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTS Top-Value Corporation General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 193 Equipment 532 Delivery Expense 194 Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 562 Depreciation Expense-Equipment 231 Cash Dividends Payable 590 Miscellaneous Expense 236 Stock Dividends Distributable 710 Interest Expense 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Journalize the entries required on September 2, October 3 , and November 30 . If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is enteredStep by Step Solution
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