CHART OF ACCOUNTS

Parks Construction Inc.

General Ledger

ASSETS

$110$ Cash

$120$ Accounts Receivable

$131$ Notes Receivable

$132$ Interest Receivable

$141$ Inventory

$145$ Office Supplies

$151$ Prepaid Insurance

$181$ Land

$193$ Equipment

$194$ Accumulated Depreciation$-$Equipment

REVENUE

$410$ Sales

$610$ Interest Revenue

EXPENSES

$510$ Cost of Goods Sold

$515$ Credit Card Expense

$520$ Salaries Expense

$531$ Advertising Expense

$532$ Delivery Expense

$533$ Selling Expenses Journalize the entries to record the transactions on December $31.$

General Journal Instructions

PAGE $10$

JOURNAL

ACCOUNTING EQUATIONThe followi HW $5$ assignment take frame $,$ the ledger of Parks Construction Inc. at the beginning of the current year:

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

a$.$ Issued $454,700$ shares of common stock at $$8,$ receiving cash.

b$.$ Issued $11,800$ shares of preferred $1\%$ stock at $$61.$

c$.$ Purchased $46,500$ shares of treasury common for $$8$ per share.

d$.$ Sold $20,700$ shares of treasury common for $$10$ per share.

e$.$ Sold $5,700$ shares of treasury common for $$7$ per share.

f$.$ Declared cash dividends of $$0\mathrm{.}50$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.

g$.$ Paid the cash dividends.

Required:

Journalize the entries to record the transactions.