Entries for selected corporate transactions

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Entries for selected corporate transactions Instructions Chart of Accounts Amount Descriptions TAccounts Instructions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: Common stock, $20 stated value (500,000 shares authorized, 383,000 shares issued) Paid in Capital in excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,700 shares, at a cost of $18 per share) $7,660,000 957,500 35,012,000 462,600 The following selected transactions occurred during the year: Jan 22 Paid cash dividends of $0.06 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for $21,438. Apr 10 Jun 6 Jul 5 Issued 77,000 shares of common stock for $23 per share. Sold all of the treasury stock for $27 per share. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock which is $26 per share 15 Issued the certificates for the dividend declared on July 5. 23 Purchased 33,000 shares of treasury stock for $20 per share Declared a $0.08-per-share dividend on common stock. Closed the two dividends accounts to retained Earnings Aug Nov Dec 28 31 Required: A Enter the January 1 balances in Taccounts for the stockholders' equily accounts listed B. Journalize the entries to record the transactions, and post to the eight selected accounts. No post ver is required in the journal. US 08 B. Journalize the entries to record the transactions, and post to the eight selected accounts. No post ref is required in the journal Refer to the Chart of Accounts for exact wording of account hitles. C. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises had net income for the year ended December 31, 2015, of $1,196,500. 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 REVENUE 110 Cash 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory EXPENSES 510 Cost of Merchandise Sold Chart of Accounts 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 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable Chart of Accounts 236 Stock Dividends Distributable 710 Interest Expense 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 1340 Retained Faminas 351 Cash Dividends 352 Stock Dividends 390 Income Summary mount Descriptions Amount Descriptions Cash balance, July 31, 2045 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 383,000 shares issued) Common stock, $20 stated value (500,000 shares authorized, 440,800 shares issued) Common stock, $20 stated value (500,000 shares authorized, 473,800 shares issued) Decrease in retained earnings Excess over stated value For the Year Ended December 31, 2045 From sale of treasury stock Increase in retained earnings Amount Descriptions Net income Net loss Paid-in capital, common stock Retained earnings Retained earnings, December 31, 2045 Retained earnings, January 1, 2015 Stock dividends Total Total paid-in capital Total stockholders' equity Treasury stock T Accounts A. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed Post the journal entries from part B to the selected accounts. No post ref is required in the journal. Common Stock Paid-In Capital in Excess of Stated Value-Common Stock Entries for selected corporate transactions Instructions Chart of Accounts Amount Descriptions T Acco TAccounts Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings TAccounts Treasury Stock Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Stock Dividends Cash Dividends 1 Journal B. Joumalize the entries to record the transactions. No post ref is required in the journal Refer to the Chart of Accounts for exact wording of account bles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST DENT CREDIT ASSETS LABILITIES YQUITY 1 3 Journal 9 1 11 12 11 14 Journal 11 11 34 15 16 11 10 Retained Earnings Statement C. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morow Enterprises had net income for the year ended December 31, 2015, of S1,196,500 For those boxes in which you must entor subtractive or negative numbers use a munus sign. The word "Less" is not required. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries Morrow Enterprises Retained Esmings Statement For the Year Ended December 31, 2015 Retained Earnings Statement For the Year Ended December 31, 2045 1 2 Dividends: 4 5 6 7 D. Prepare the Stockholders' Equity section of the December 31, 2015 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 Paid in capite Stockholders' Equity 2 3 4 5 10