Instructions The following selected accounts appear in the ledger of Upscalo Construction Inc. at the beginning of the current year $3.755,000 165,220 Preferred 1% Stock. $50 par (100.000 shares authorved. 75,100 shares Paldin Capital in Excess of Per--Proferred Stock Common Stock, 63 par (5,000,000 shares authented, 1.690.000 shares hud Pald-in Capital in Excess of Par. Common Stock Retained Earnings 5,070,000 1,014.000 30,836,000 Feb 10 During the year, the corporation completed a number of transactions affecting the stockholders.cowy. They are summarized as follows: Jan 5 Issued 454,700 shares of common stock at $8, receiving cash Issued 11,800 shares of preferred 1% stock at $61 Mar. 19 Purchased 46,500 shares of treasury common for $5 per share May Sold 20,700 shares of treasury common for $10 per share. Aug 25 Sold 5,700 shares of treasury common for $7 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. 16 Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the accountries. CNOW journals do not use whes for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit erity when a credit amount is entered Journal Journaline the entries to record the transactions. Refer to the chart of accounts for the exact wording of the accounts CNOW Journal do not use ines for journal explanations Every ine on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered MOE 10 ACCOUNTING EQUATION JOURNAL DEDIT CREDIT POST. ROE ASSETS EQUITY DATE DESCRIPTION LIABILITIES Check My Work Chart of Accounts Jo General Ledger ASSETS REVENUE Jo 410 Sales EV 610 Interest Revenue 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 193 Equipment 3 194 Accumulated Depreciation Equipment 536 Office Supplies Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense 236 Stock Dividends Distributable 10 241 Salaries Payable HUUUU Chart of Accounts LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 034 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense 1 2 5 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 10
