Instructions

Chart of Accounts

Journal

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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, 83,900 shares issued)	$4,195,000
Paid-In Capital in Excess of ParPreferred Stock	184,580
Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued)	6,360,000
Paid-In Capital in Excess of ParCommon Stock	1,590,000
Retained Earnings	31,692,000

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

Jan.	5	Issued 467,700 shares of common stock at $9, receiving cash.
Feb.	10	Issued 10,700 shares of preferred 1% stock at $62.
Mar.	19	Purchased 53,000 shares of treasury common for $6 per share.
May	16	Sold 20,000 shares of treasury common for $8 per share.
Aug.	25	Sold 5,200 shares of treasury common for $5 per share.
Dec.	6	Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock.
	31	Paid the cash dividends.

Selected stock transactions Instructions Chart of Accounts Journa 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, 83,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, S3 par (5,000,000 shares authorized, 2,120,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,195,000 184,580 6,360,000 1,590,000 31,692,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows Jan Feb Mar May Aug Dec 5 10 19 16 25 Issued 467,700 shares of common stock at S9, receiving cash Issued 10,700 shares of preferred 1% stock at $62 Purchased 53,000 shares of treasury common for $6 per share Sold 20,000 shares of treasury common for $8 per share Sold 5,200 shares of treasury common for $5 per share 6 Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. 31 Paid the cash dividends JOURNAL Score: 175/224 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Jan. 5 Cash 4,209,300.00 Common Stock 1,403,100.00 Paid-In Capital in Excess of Par-Common Stock 2,806,200.00 Feb. 10 Cash 663,400.00 Preferred Stock 535,000.00 Paid-In Capital in Excess of Par-Preferred Stock 128,400.00 Mar. 19 Treasury Stock 318,000.00 Cash 318,000.00 Mav 16 Cash 160,000.00 10 Treasury Stock 120,000.00 Paid-In Capital in Excess of Par-Preferred Stock 40,000.00 Journal Shaded cells have feedback Paid-In Capital in Excess of Par-Preferred Stock 128,400.00 Mar. 19Treasury Stock 318,000.00 318,000.00 May 16 Cash 160,000.00 10 Treasury Stock 120,000.00 Paid-In Capital in Excess of Par-Preferred Stock 40,000.00 Aug. 25 Cash 26,000.00 12 13 Treasury Stock 31,200.00 14 Paid-In Capital in Excess of Par-Common Stock 5,200.00 Dec. 6 255,990.00 Common Stock Preferred Stock Retained Earnings 15 16 47,300.00 17 303,290.00 18 Dec. 31 Common Stock 255,990.00