Instructions Chart of Accounts Journal Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,500 shares issued) $3,975,000 Paid-In Capital Excess of Par-Preferred Stock 151,050 Common Stock, $3 par (5,000,000 shares authorized, 2,460,000 shares issued) 7,380,000 1,722,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 34,910,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 521,500 shares of common stock at $9, receiving cash. b. Issued 9,100 shares of preferred 1% stock at $59. c. Purchased 51,600 shares of treasury common for $6 per share. d. Sold 18,700 shares of treasury common for $8 per share. e. Sold 4,800 shares of treasury common for $5 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Check My Work Previous Next > All work sayed Email Instructor Save and Exit Submit Assignment for Grading Instructions Paid-in Capital in Excess of Par-Preferred STOCK 151,050 7,380,000 Common Stock, $3 par (5,000,000 shares authorized, 2,460,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 1,722,000 Retained Earnings 34,910,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 521,500 shares of common stock at $9, receiving cash. b. Issued 9,100 shares of preferred 1% stock at $59. c. Purchased 51,600 shares of treasury common for $6 per share. d. Sold 18,700 shares treasury common for $8 per share. e. Sold 4,800 shares f treasury common for $5 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Check My Work Previous Next Chart of Accounts CHART OF ACCOUNTS Parks Construction Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Inventory 510 Cost of Goods Sold 145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 193 Equipment 532 Delivery Expense 194 Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense heck My Work Previous Chart of Accounts X LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 537 Organizational Expenses 221 Notes Payable 226 Interest Payable 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 231 Cash Dividends Payable 241 Salaries Payable 710 Interest Expense 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 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 Chart of Accounts 231 Cash Dividends Payable 241 Salaries Payable 590 Miscellaneous Expense 710 Interest Expense 261 Mortgage Note Payable EQUITY 236 Stock Dividends Distributable 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 Journal Journalize the entries to record the transactions on December 31. 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 Journal 5 6 7 8 9 10 11 12 13 14 15 16 17 18