Entries for selected corporate transactions Instructions chart of Accounts Amount Descriptions Accounts Journal Instructions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' couilty accounts of Morrow Enterprises Inc, with balances on January 1, 2015, are as follows Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) Paid In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,000 shares, at a cost of $18 per share) $ 7,500,000 825,000 33,600,000 450,000 The following selected transactions occurred during the year: Jan. 22 Apr. Jun 10 6 5 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000, Issued 75,000 shares of common stock for 524 per share. Sold all of the treasury stock for $26 per share Declared a 4 stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Issued the certificates for the dividend declared on July 5. Purchased 30,000 shares of treasury stock for $19 per share, Declared a $0.10-per-share dividend on common stock Closed the two dividends accounts to Retained Earnings. 15 23 28 31 Required: A Enter the January 1 balances in accounts for the stockholders' equity accounts listed B. Journalte the entries to record the transactions and post to the eight selected accounts. No postres required in the journal Refer to the Chart of Accounts for exact wording of account titles Previous Save and Exit Submit Assignment for Grading Assignment/takeAssignmentMain.do?invoker assignments&take AssignmentSessionLocator assignment-take&inprogress-false eBook Calculator Print Item Required: A Enter the January 1 balances in accounts for the stockholders' equity accounts listed. B. Journalize the entries to record the transactions and post to the eight selected accounts. No postrel is required in the journal Refer to the Chart of Accounts for exact wording of account titles. C. Prepare a retained earnings statement for the year ended December 31, 2045. Assume that Morrow Enterprises had net income for the year ended December 31, 2015, of $1,125,000. For those boxes in which you must enter subtractive or negative numbers, use a minus sign. The word "Less" is not required. D. Prepare the stockholders' Equity section of the December 31, 2015, balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. *Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Chart of Accounts CHART OF ACCOUNTS Morrow Enterprises Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 610 interest Revenue EXPENSES 510 Cost of Merchandise Sold 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense Check My Work Previous eBook Calculator Print item CHART OF ACCOUNTS Morrow Enterprises Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Otice Supplies 151 Prepard Insurance 181 Lang 193 Equipment 194 Accumulated Depreciation Equipment EXPENSES 510 Cosly Merchandise Sold 515 Credit Card Expense $20 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Suppies Expense 537 Organizational Expenses 562 Depreciation Expense Equipment 500 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 201 Mortgage Note Payable EQUITY 311 Common Stock 1 Pairin Cana d a Common Stock Check My Work Previous eBook Calculator Print Item 193 Equipment 194 Accumulated Depreciation Equipment LIABILITIES 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Onice Supplies Expense 537 Organizational Expenses 62 Depreciation Expense-Equipment 500 Miscelaneous Expense 210 Accounts Payable 221 Notes Payable 220 interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid in Capital in Excess of Stated Value-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 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Amount Descriptions Amount Descriptions Cash balance, July 31, 2015 Cash dividends Common stock, 520 stated value 500,000 shares authorized 375.000 Common stock, $20 stated value; 500,000 shares author , 435,000 shares Common stock, 520 stated value; 500,000 shares authorized os.co Decrease in retained earnings Exossover stated value For the Year Ended December 31, 2015 From sale of treasury stock Increase in retained earnings Net income Net loss Paid-in capital, common stock Retained earnings Retained earnings, December 31, 2015 Retained earnings, January 1, 2015 Stock dividends Total Total paid in capital Total stockholders' equity Treasury stock A Enter the w ay I balances in accounts for the stockholders' equity Post the foumal entries from port to the s chedu s. No post is required Como Stock 9.300.000 Paid-in Capital in Excess of stated ValueCommen Jan. 1 Bal 825.000 Apr. 10 Dec. 31 Bal 1,215,000 Retained Earnings 493,800 Jan 1 21800.000 Dec 31 1,125,000 Dec 31 Bal 34.231,200 Jan 13a 450.000 450,000 Nov 23 570 000 Dec 31 570.000 Check My Work Previous 493 BCO Treasury Stock 450,000 570,000 Dec. 31 Bal 570,000 V Paldis Capital from Sale of measury Stock Jun, 200,000 Stock Dividends Distributable 360,000 Jul 10300,000 Stock Dividends 450.000 Dec 31 11450.000 Dec. 237 Cash Dividends 43,800 D. 31V 43,800 Check My Work Previous JOURNAL Sorel 291209 a 12 Cash Dividends Ruble 2800000 20.000.00 150000000 -Com 300 000 DO Common Stock Paida Capital incess of Sated Cash Treasury Stack Jun 6 450.00000 Paid in Capital from Sale of Treasury Start 200.00000 MS Stock Dividends Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stoc Aug 15 Shock Dividends Distributable Common Stock 570.000.00 45 800.00 Nox. 25" Treasury Stack Cash Dec. 21 Cash Dividende Cash Dividends Payable 31" Retained Earnings Stad Dividends Cash Dividends 45.00000 495.000.00 43.10000 Previous Retained Earings Statement Shaded cols have feedback Prepare a n d statement for the year ended December 31, 2015. Assume that Morrow Enterprises had net income for the year ended December 11, 2015, of $1,125,000. For those owes in which you must enter active or negative numbers, use a mission. The word "lessis not re f er to the stof Amount Descriptions provided for the act wording of the answer choices for test entries Morrow Enterprises Retained Earrings Statement For the Year End December 31 1 Recained earings 2 Net income 5 Dividends Cash dividends Stock dividends . Increase in retained earnings Retained earings 1947/ 12 Check My Work emember Retained Gaming When preparing a n d in terent, recall the statement of owner's equity and the components that affected the wes a component of stockholders' equity and the stockholders are the owners of the business Check My Work Previous Stockholders' Equity Shaded cells have feedback. D. Prepare the Stockholders' Equity section of the December 31, 2075 balance sheet. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Stockholders' Equity Score: 58/90 Paid incap Padica 5936000000 1215,000.00 Exces $1.215.000.00 From sale of treasury stock Total paid in capital $10,775,000 00 7 Retained earings 54.231.200.00 Total $45.006 20000 Treasury stock 570.00000 10 Total stockholders equity 544,436,200.00 Points: 11.6/18 Check My Work Previous