Instructions Selected transactions completed by Prime Discount Corporation during the current fiscal year are as follows: Jan 9 Feb. 28 May 1 Jul 10 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1.200,000 common shares outstanding Purchased 40,000 shares of the corporation's own common stock at $28, recording the stock at cost. Declared semiannual dividends of $0.80 on 75,000 shares of Deferred stock and $0.12 on the common stock to stockholders of record on June 1, payable on July 10, Paid the cash dividends Sold 30,000 shares of treasury stock at $34, receiving cash. Declared semiannual dividends of $0.80 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Paid the cash dividends and issued the certificates for the common stock dividend. 7 Sep Oct 1 Dec 1 Journalize the transactions. I no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account tines Chart of Accounts REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue EXPENSES 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 510 Cost of Goods Sold 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable Chart of Accounts 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 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 300 Income Summary Journal JOURNAL DATE DESCRIPTION POST. REF DEBIT ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY CREDIT 9 10 12 13