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150 P/S B. Northwest Clothing Supply has the following transactions during the year 2015 related to stockholders' equity: At the beginning of the year it has 3000 shares of common stock and 450 shares of preferred stock outstanding. (14 points) January 1 Issues 3,000 shares of no-par value common stock for $30 per share. Board meets and establishes a par value of $15 per share for common stock and $25 per share for 8% February 5 preferred stock. March 15 Issues 800 shares of $25 par value preferred stock for $32 per share. repurchases 1600 shares for $25 per July1 share September 30 Reissues 500 shares for $18 per share, Reissues 900 shares for $28 per share Declares a cash dividend of $2 per share to all common and $4 per share to all preferred stock holders of record as of November 29. November 1 November 15 Pays the cash dividend declared on November 15. December 19 Record each of these transactions PAGE GENERAL JOURNAL POST. REF. CRE DEBIT ATE DESCRIPTION 10,0m cash common StaCK Cissved hoparcommon stodC) Answer 1 of 1 Done Journal entries: Acounts title and explanations Debit S Credit $ Date 90000 1-Jan Cash Account Dr. Common Stock No par Account 90000 5-Feb No Entry 15-Mar Cash Account (800*32) 25600 20000 Preferred Stock Capital Account Paid in capital in excess of par value-Preferred 5600 1-Jul Treasury Stock Account Dr. 40000 Cash account 40000 30-Sep Cash account Dr. 9000 Retained earning Account Dr. Treasury Stock Account 3500 12500 1-Nov Cash account Dr. 25200 Treasury Stock Account Paid in capital-Treasury Stock 22500 2700 Account Dividend Account 15-Nov Dr. 24675 Dividend-Common Payable (5800*3.5) Dividend-Preferred Payable 20300 4375 (1250*3.50) Dividend-Common Payable Account 19-Dec Ddr. 20300 Dividend-Prefered payable Account Dr. 4375 Cash Account 24675 150 P/S B. Northwest Clothing Supply has the following transactions during the year 2015 related to stockholders' equity: At the beginning of the year it has 3000 shares of common stock and 450 shares of preferred stock outstanding. (14 points) January 1 Issues 3,000 shares of no-par value common stock for $30 per share. Board meets and establishes a par value of $15 per share for common stock and $25 per share for 8% February 5 preferred stock. March 15 Issues 800 shares of $25 par value preferred stock for $32 per share. repurchases 1600 shares for $25 per July1 share September 30 Reissues 500 shares for $18 per share, Reissues 900 shares for $28 per share Declares a cash dividend of $2 per share to all common and $4 per share to all preferred stock holders of record as of November 29. November 1 November 15 Pays the cash dividend declared on November 15. December 19 Record each of these transactions PAGE GENERAL JOURNAL POST. REF. CRE DEBIT ATE DESCRIPTION 10,0m cash common StaCK Cissved hoparcommon stodC) Answer 1 of 1 Done Journal entries: Acounts title and explanations Debit S Credit $ Date 90000 1-Jan Cash Account Dr. Common Stock No par Account 90000 5-Feb No Entry 15-Mar Cash Account (800*32) 25600 20000 Preferred Stock Capital Account Paid in capital in excess of par value-Preferred 5600 1-Jul Treasury Stock Account Dr. 40000 Cash account 40000 30-Sep Cash account Dr. 9000 Retained earning Account Dr. Treasury Stock Account 3500 12500 1-Nov Cash account Dr. 25200 Treasury Stock Account Paid in capital-Treasury Stock 22500 2700 Account Dividend Account 15-Nov Dr. 24675 Dividend-Common Payable (5800*3.5) Dividend-Preferred Payable 20300 4375 (1250*3.50) Dividend-Common Payable Account 19-Dec Ddr. 20300 Dividend-Prefered payable Account Dr. 4375 Cash Account 24675