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can an accountant help me with my accounting homework please :) The following selected accounts appear in the ledger of EJ Construction Inc. at the
can an accountant help me with my accounting homework please :)
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) $4,000,000 Paid-In Capital in Excess of ParPreferred Stock 175,000 Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) 6,000,000 Paid-In Capital in Excess of ParCommon Stock 1,500,000 Retained Earnings 32,350,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. 5 Issued 500,000 shares of common stock at $8, receiving cash. Feb. 10 Mar. 19 Purchased 50,000 shares of treasury common for $7 per share. May 16 Sold 20,000 shares of treasury common for $9 per share. Aug. 25 Sold 5,000 shares of treasury common for $6 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on Issued 10,000 shares of preferred 1% stock at $60. common stock. 31 DATE 1 2 3 4 5 6 7 8 Paid the cash dividends. DESCRIPTION POST. REF. DEBIT CREDIT DATE 9 10 11 12 13 14 15 16 17 18 DESCRIPTION POST. REF. DEBIT CREDITStep by Step Solution
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