instructions
charts of accounts
general journal
Carmen Company is a corporation that has issued both preferred and common stock As of January 1, had 50,000 shares of 2 75% $100 par preferred stock outstanding and 250,000 shares of 510 par common stock outstanding Required: Journalize the following transactions a. On January 31, the board of directors issues requirement to purchase 8 000 shares of its common sfock at market price The shares are purchased at a market price of $22 per share On March 15. Carmen declares a dividend on preferred stock of 52 75 per share the date of record is March 25 and the date of payment is March 31 c. On December 1, Carmen declares a cash dividend on common stock of $0.12 per share. The date of record is December 16 and the date of payment is December 21 - d On December 27 the board orders that 2 500 shares of the treasury stock purchased in (a) be sold the sale price is $25 per share *Refer to the Chart of Accounts for exact wording of accountities no entry is reguved, amply skip to the next transaction ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable EXPENSES 132 Interest Receivable 141 Inventory 510 Cost of Goods Sold 515 Credit Card Expense 145 Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 533 Rent Expense 191 Building 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment 534 Insurance Expense 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipment 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 240 DLL counts 221 IVOICS ayavic JO VIIS Clanicous LAPCHISC 226 Interest Payable 710 Interest Expense 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 323 Paid-In Capital in Excess of Par-Common Stock 331 Treasury Stock 333 Paid-In Capital-Treasury Stock 336 Stock Dividends Distributable 340 Retained Earnings 351 Cash Dividends 353 Stock Dividends a on January 31, the board of directors issues a requirement to purchase 5,000 shares of its common stock at market price. The shoves are purchased at a market price of S22 per share Refer to the Chart of Accounts for exact warching of courses IME JOURNAL DATE DESCRIPTION POST RER DEN CREDIT ANSETS ACCALATION LIABILITIES EQUITY 1 b on March 15 Carmen declares a dividend on preferred stock of 2.75 per share the date of record is March 25 and the date of payment is March 31 Refer to the Chart of Accounts for exact wording of account nines i no entry is required, simply skip to the next transaction INGE JOURNAL JOURNAL DATE DESCRIPTION POST. REF: ACCOMMODATION ASSETS LITIES DEBIT CREDIT EQUITY 1 JOURNAL DAT ACCATTI ASSETS LABLES BOUNTY POKER DESORPTION CREDIT 2 a on December 27 the board orders that 2.500 shares of the treasury stock purchased (w) be sold the sale pece 525 per hore. Refer to the Chart of Accounts for exact worting of account JOURN LA tour POSTED DATE
