he following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year:

Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued)	$6,000,000
Paid-In Capital in Excess of ParPreferred Stock	420,000
Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued)	24,000,000
Paid-In Capital in Excess of ParCommon Stock	1,850,000
Retained Earnings	115,400,000

During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows:

Jan.	5	Issued 400,000 shares of common stock at $11, receiving cash.
Feb.	10	Issued 5,000 shares of preferred 2% stock at $90.
Mar.	19	Purchased 150,000 shares of treasury stock for $10 per share.
May	16	Sold 80,000 shares of treasury stock for $13 per share.
Aug.	25	Sold 20,000 shares of treasury stock for $9 per share.
Dec.	6	Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock.
	31	Paid the cash dividends.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Parks Construction Inc.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

EQUITY

311

Common Stock

312

Paid-In Capital in Excess of Par-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

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18