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have finished the journal entries still need T-accounts and balance sheet Choctaw Company completed the following transactions in Year 1 , the first year of
have finished the journal entries still need T-accounts and balance sheet
Choctaw Company completed the following transactions in Year 1 , the first year of operation: 1. Issued 31,000 shares of $10 par common stock for $10 per share. 2. Issued 4,100 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,100 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,100 cash dividend on preferred stock. 5. Sold 800 shares of treasury stock for $14 per share. 6. Paid $3,100 cash for the preferted dividend declared in Event 4 . 7. Earned cash revenues of $100,000 and incurred cash expenses of $52,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,100 of retained earnings: Required a-1. Prepare 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 journal entries to record these transactions. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account feld.) Choctaw Company completed the following transactions in Year 1 , the first year of operation: 1. Issued 31,000 shares of $10 par common stock for $10 per share. 2. Issued 4,100 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,100 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,100 cash dividend on preferred stock. 5. Sold 800 shares of treasury stock for $14 per share. 6. Paid $3,100 cash for the preferted dividend declared in Event 4 . 7. Earned cash revenues of $100,000 and incurred cash expenses of $52,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,100 of retained earnings: Required a-1. Prepare 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 journal entries to record these transactions. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account feld.) Step by Step Solution
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