Buzz Newsstand is authorized to issue 100,000 shares of $5 par common stock and 5,000 shares of $100 par, preferred 8% stock. On January 1, the beginning of the period, the stockholders' equity accounts had the following balances: Preferred Stock Paid-in Capital in Excess of ParPreferred Common Stock Paid-in Capital in Excess of ParCommon Retained Earnings DividendsPreferred Dividends-Common $150,000 11.250 225,000 112,500 366,800 BUZZ MEMORANDUM 635 NEWSSTAND Union Terminal Building, #101 Tacoma, WA 98402 TO: Accounting Clerk FROM: Corporate Accountant as per Board of Directors' Meeting DATE: March 15, 20-- SUBJECT: Declared Dividends QBUZZ MEMORANDUM 828 NEWSSTAND Union Terminal Building, #101 Tacoma, WA 98402 TO: Accounting Clerk FROM: Corporate Accountant as per Board of Directors' Meeting DATE: September 1, 20-- SUBJECT: Declared Dividends The board of directors approved a semiannual cash dividend of $62,250 for preferred and common stockholders. The dividend is payable to stockholders of record as of April 15 with payment on May 1. The board of directors approved a semiamual cash dividend of 879,250 for preferred and common stockholders. The dividend is payable to stockholders of record as of October 1 with payment on November 1. BUZZ MEMORANDUM 651 s. 79.250.00 No. 2451 Cate November 1 To Dividends Checking Account For Dividends Payable 20- NEWSSTAND Union Terminal Building, #101 Tacoma, WA 98402 Accounting Clerk FROM: Corporate Accountant as per Board of Directors' Meeting DATE: April 19, 20-- SUBJECT: Stock Issued for Cash Dollars Cents Balance brought forward | 323,908 00 Add deposits Total We have issued 500 shares of preferred stock at $108. Less this check Balance carried forward 323,908 00 79,25000 244,658 00 FBUZZ MEMORANDUM 907 NEWSSTAND Union Terminal Building, #101 Tacoma, WA 98402 20 $ 62.250.00 No. 1256 Dato May 1 TDividends Checking Account Rar Dividends Payable Dolars Conts Balance brought forward 357,225 00 Add deposits Accounting Clerk FROM: Corporate Accountant DATE: December 31, 20-- SUBJECT: Closing Entries Close the Retained Earnings account in the amount of the net income of $296,490 Remember to close the Dividends accounts into Retained Earnings as well. 357,225 Total Lees this check Balance caled forward 62.250 00 294,97500 The Board of Directors approved a total semiannual cash dividend of $62,250 for preferred and common stockholders. The dividend is payable to stockholders of record as of April 15 with payment on May 1. Note: Enter debits before credits. Debit Credit Date Mar. 15 General Journal Dividends-Common Dividends-Preferred Dividends Payable-Preferred Dividends Payable-Common