In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. Feb. 28 Paid the dividends declared on January 5. July 1 Dec. Sold preferred shares for a total of $157,300. The average issue price was $20 per share. 31 Closed the dividend accounts along with the $577,300 credit balance in the Income Summary account. 2024 1 Sold 35,000 common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.9 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $543,700 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to record declared dividends. Navt

In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts. 2923 Jan. 1 Sold 35,000 common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021 . Feb. 28 paid the dividends declared on January 5 . July 1 Sold preferred shares for a total of $157,300. The average 1554 price was $26 per share. Dec. 31 Closed the dividend accounts along with the $577,300 credit balance in the Income summary account. 2024 sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.9 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 paid the dividends declared on September 5. summany account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash d account to record declared dividends. In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts. 2923 Jan. 1 Sold 35,000 common shares at $11.14 per share. 5 The directors declared a total cash dividend of $236,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021 . Feb. 28 paid the dividends declared on January 5 . July 1 Sold preferred shares for a total of $157,300. The average 1554 price was $26 per share. Dec. 31 Closed the dividend accounts along with the $577,300 credit balance in the Income summary account. 2024 sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.9 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 paid the dividends declared on September 5. summany account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024 . The company uses a cash d account to record declared dividends