Current Attempt in Progress On January 1, 2024, Sheridan Ltd. had the following shareholders' equity accounts: Common shares (910,000 issued) $1,365,000 Retained earnings 1,638,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity Jan. 2 Mar. 31 Issued 91.000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. June 30 Aug 12 Paid quarterly dividend to preferred shareholders. Issued 92,000 common shares for $1.70 per share. Sept. 30 Paid quarterly dividend to preferred shareholders. Dec. 31 Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Loss for the year was $94,500. Your Answer Correct Answer (Used) 0.23/1 E Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles Jan 2 Cash Debit Credit 4.550.000 Preferred Shares 4550,000 Mar. 31 Cash Dividends Preferred 91.000 Cash June 30 Cash Dividends Preferred 91.000 Cach Aug 12 Cash Common Shares Sept. 30 Cash Dividends-Preferred 156,400 91,000 1000 91.000 156,400 EOC Assignment 6: Chapter 13 Question 2 of 2 < > Sept. 30 Cash Dividers Preferred 91,000 Cash Dec 31 Cash Dividends Preferred 91.000 Cash Dividends Common 250500 Dec 31 Dec. 31 Cash (To record dividends paid) Retained Earnings Income Summary (To close Income Summary) Retained Earnings Cash Dividends Preferred Cash Dividends-Common (To close dividends) 4500 614.500 FLO00 341500 94300 364,000 250500 0.23/1 E EOC Assignment 6: Chapter 13 Question 2 of 2 < (b) H 0.23/11 Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the previous part. (Past entries in the order of journal entries presented in the previous part Preferred Shares Date Explanation Ref. Debit Credit Balance Jan. 2 31 Common Shares Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V Aug 12 31 Cash Dividends-Preferred Date Explanation Ref. Debit Credit Balance Mar. 31 11 June 30 Sept. 30 31 = 31 EOC Assignment 6: Chapter 13 Question 2 of 2 < > Sept. 30 Dec. 31 Dec. 31 Closing entry Cash Dividends-Common 31 31 31 11 Date Explanation Ref. Debit Credit Balance Dec. 31 31 Dec. 31 Closing entry 31 Retained Earnings Date Explanation Ref. Debit Credit Balance Jan, 1 Balance Dec. 31 Closing entry 31 Dec. 31 Closing entry 21 eTextbook and Media 0.23/11