instructions

charts of accounts

general journal

Instructions Carmen Company is a corporation that has issued both preferred and common stock As of January 1, it had 50 000 shares of 2.75%, $100 par preferred stock outstanding and 250,000 shares of $10 par common stock outstanding Required: Journalize the following transactions a. On January 31, the board of directors issues a requirement to purchase 5.000 shares of its common stock at market price. The shares are purchased at a market price of 522 per share 5. On March 15 Carmen declares a dividend on preferred stock of $275 per share the date of record is March 25 and the date of payment is March 31 On December 1, Carmen declares a cash dividend on common stock of 50 12 per share. The date of record is December 15 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 in S25 per share "Refer to the Chart of Accounts for exact wording of accounties no entry es requred my skip to the next transaction CHART OF ACCOUNTS Carmen Company 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 Supplies 515 Credit Card Expense 151 Prepaid Insurance 181 Land 191 Building 192 Accumulated Depreciation-Building 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Rent Expense 534 Insurance Expense 193 Equipment 194 Accumulated Depreciation-Equipment 535 Supplies Expense Chart of Accounts 194 Accumulated Depreciation Equipment 535 Supplies Expense 536 Organizational Expenses LIABILITIES 561 Depreciation Expense-Building 210 Accounts Payable 562 Depreciation Expense-Equipment 221 Notes Payable 590 Miscellaneous Expense 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 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 General Journal a on January 31 the board of drectors issues a requirement to purchase 5000 shares of its common stock at market price The shares are purchased at a market price of 522 per share Refer to the Chart of Accounts for exact wording of accountitles IWO JOURNAL DESCRIPTION DELIT POSTRET DATE CREDIT ACCURITING COLTATI ASSETS LIABILITIES FOUITY 1 2 GUBOUW On March 15. Carmen declares a dividend on preferred stock of 52 75 per share. The date of records March 25 and the date of payment is March 31. Refer to the Chart of Accounts for exact wording of account titles if no entry is required, simply skip to the next transaction PAGE 1 JOURNAL DATE DESCRIPTION POSTRES ACCUATION ASSETS LIABILITIES EQUITY DEBIT CREDIT On December 1 Carmen declares a cash dividend or common stock of 50 12 per stare. The date of records December 15 and the date of payment is December 21 Refer to the Chart of Accounts for exact wording of accountitles of no entry is required simply skip to the next transaction JOURNAL POSTRE DET DESCRIPTION ac TIN TON ASES LILITIES ROSTY CREO DATE 3 d on December 27 the board onders that 2.500 shares of the treasury stock purchased nia) be sold the sale price is $25 per showe Refer to the Charter Accounts for exact wording of account des JOURNAL OLENT LITUS COUNT DATE Who