Choctow Compary completed the following transactions in Year 1 , the first year of operation: 1. issued 20,000 shares of $10 par common stock for $10 per share. 2 Is sued 3,000 shares of $20 stated value preferred stock for $20 per share 3. Purchased 1,000 shares of common stock as treasury stock for $12 per share. 4. Dectared a \$2.000 cash dividend on preferred stock. 5. Sold 500 shares of treasury stock for $14 per share. 6. Paid \$2,000 cash for the preferred dividend declared in Event 4. 7. Eamed cash revenues of $78,000 and incurred cash expenses of $41,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $8,000 of retained earnings Requited a-4. Prepore journal entries to record these transactions. a-2. Post the entries to T-accounts b. Prepare a balance sheet as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Prepare fournal entries to record these transactions. (0o not round your insermediste calculations if no entry is required for a. transoction/event, select "No journal entry required in the first account field.) Journal entry worksheet Req A1 ReqB Prepare journal entries to record these transactions. (Do not round your intermediate calculations. It no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal ntry worksheet A. B C. D E G L Issued 20,000 shares of $10 par common stock for $10 per share. Record the transaction. Noter tenter debes before owots Prepare a balance sheet as of December 31, Year 1. (Do not round your intermediate calculations. Amounts to be deducted should be indicated with minus sign.) Choctow Compary completed the following transactions in Year 1 , the first year of operation: 1. issued 20,000 shares of $10 par common stock for $10 per share. 2 Is sued 3,000 shares of $20 stated value preferred stock for $20 per share 3. Purchased 1,000 shares of common stock as treasury stock for $12 per share. 4. Dectared a \$2.000 cash dividend on preferred stock. 5. Sold 500 shares of treasury stock for $14 per share. 6. Paid \$2,000 cash for the preferred dividend declared in Event 4. 7. Eamed cash revenues of $78,000 and incurred cash expenses of $41,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $8,000 of retained earnings Requited a-4. Prepore journal entries to record these transactions. a-2. Post the entries to T-accounts b. Prepare a balance sheet as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Prepare fournal entries to record these transactions. (0o not round your insermediste calculations if no entry is required for a. transoction/event, select "No journal entry required in the first account field.) Journal entry worksheet Req A1 ReqB Prepare journal entries to record these transactions. (Do not round your intermediate calculations. It no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal ntry worksheet A. B C. D E G L Issued 20,000 shares of $10 par common stock for $10 per share. Record the transaction. Noter tenter debes before owots Prepare a balance sheet as of December 31, Year 1. (Do not round your intermediate calculations. Amounts to be deducted should be indicated with minus sign.)
