chapter 12 homework

available until you sign in Journal Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: $3,755,000 165,220 Preferred 1% Stock, $50 par (100,000 shares authorized, 75, 100 shares issued) Paid-In Capital in Excess of Par--Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,020,000 shares issued) Paid-in Capital in Excess of Par--Common Stock Retained Earnings 6,060,000 1,212,000 46,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 519,600 shares of common stock at $8, receiving cash. b. Issued 10,800 shares of preferred 1% stock at $61. c. Purchased 46,400 shares of treasury common for $8 per share, d. Sold 20,800 shares of treasury common for $10 per share. e. Sold 5.600 shares of treasury common for $7 per share Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock 9. Paid cash dividends. k My Work 2 more Check My Work uses remaining uctions Chart of Accounts CHART OF ACCOUNTS Parks Construction Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Goods Sold 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 595 Cena NORITIES My Work 2 more Check My Work uses remaining, Journal Some availal Instructions Chart of Accounts Th 534. Rent Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense Du EQUITY 236 Stock Dividends Distributable 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 Check My Work 2 more Check My Work uses remain Instructions Chart of Accounts Th 241 Salaries Payable 261 Mortgage Note Payable 710 Interest Expense EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock Du 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earings 351 Cash Dividends 352 Stock Dividends structions Chart of Accounts Journal nstructions Chart of Accounts Journal Joumalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account Mitles. PA JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DERIT CREDIT ASSETS LIABILITIES Check My Work 2 more Check My Work uses remaining Submit Assignment All work saved