How could you make journal entries from this data? I tried but not sure whether it is right or not. Any help will be highly appreciated. Thanks
Insert Psge Lmyout Formulas Dats Renew View Developer N Pro 1U 8'ell me what you wanttodo vkas bed 2Share Cu Goo Neutral |Calculation , AuaSum . Fomst Paite Formating" Table M N 8 Toys for You, during year ending 2019, completed the equity 9 transactions listed in Exhibit 1. The account balances in Exhibit 2 are Pre- 10 Closing amounts for Year-End December 31, 2019 balances and, Do 11 NOT INCLUDE any of the transactions 1 through 6 listed in Exhibit 1. 12 Journal Entry Solution: 14 Journal Entries for the items listed in Exhibit 1 16 Exhlblt 1: 17 1. On April 1, the company issued 2,500 shares of their $1O PAR value 18 Common Stock for $17 per share. 192. On June 1, the company issued 1,100 shares of 3.5% Cumulative 20 Preferred Stock for $118 per share. The PAR value of this Preferred Stock 21 3. On August 1, the company issued an additional 500 shares of their 22 $10 PAR value Common Stock tor $17.50 per share. 23 4. On October 1, the company issued an additional 200 shares of 3.5% 24 Cumulative Preferred Sluck for $120 per share. The PAR value uf these 25 shares is $100 per share. 26 5, On November 1, the company decided to purchase 200 shares of its 27 Common Stock from shareholders to be held in treasury for Employee 28 Bonuses. The company uses the Cost Method to account for Treasury 29 Stock. They paid $18 per share for the stock. 06. On December 23, the company derlared a Preferred Dividend that 31 totaled $4,550. 327. The company pa id the dividends on December 30, 2019 338. The company has asked you to create the journal entry to cluse the 34 income statement accounts (presented in Exhibit 2) on December 31, AL Equity Journal Entries | A2. Equity T-Accounts | A3Srne at Stockholders Equity B 1. Statement of Cash Flows | R2.Ratn Analysis Insert Psge Lmyout Formulas Dats Renew View Developer N Pro 1U 8'ell me what you wanttodo vkas bed 2Share Cu 2 Fil ata Find& Formating" Table Cel 0 6 Exhibit 2: Tays tar You Pre-Closing & Defore Cquity Jes Account Dalances year 2019 Credit 41 Cash 3 Allowarice for Duubtlul Accounts 53,440 45 Prepaid Insurance 46 Building 18,958 4B Display Equipment 1,800 49 Accurnulated Depreciation--Display Equipment 50 Accounts Payable 51 Salaries and Wages Payable 52 Bank l oan Payablr 53 Mortgage Nate Payable 51 Conmon Stock (10,000 shares issued at PAR value 100,000 55 Retained Eanings 56 Sales Revenue 57 Cost of Gnods Sold 58 Inisurance Expenise 59 Salaries & Wages Expense 125,609 60 Advertising Expense 4,335 61 Bad Debt Expense 63 Depreciation Expense 13,068 65 Income Tex Expense 16,304 1,286,668 1,286,668 AL Equity Journal Entries | A2. Equity T-Acounts | A3Srmt at Stockholders Equity R1. Statement of Cash Flows | R2. Rata Analysis
