journal closing entries for operating expenses and dividends (year one and year two)
need this filled out for year two
this is year one (i think i have have it mostly correct?)
instructions on journal entries and T accounts
Sun Corporation received a charter that authorized the issuance of 86.000 shares of $3 par common stock and 20.000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 jan. 5 Sold 12,900 shares of the 53 par connon stock for $5 per share. 12 Sold 2,000 shares of the 4 percent preferred stock for $110 per share. Apr. 5 sold 17,200 shares of the $3 par common stock for $7 per share. Dec. 31 During the year, earned $313, 2e in cash revenue and paid $242,388 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 shares of the $1ee par preferred stock for $120 per share. May 5 Purchased 550 shares of the common stock as treasury stock at $6 per share. Dec. 31 During the year, earned $251, 360 in cash revenues and paid $173, Bee for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a se.se per share dividend on the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account. i stockh Required information Year 2 Cash Dividends Payable [year 2 Beg Bal Year 2 Beg Bail Bock End. Bal End Bal Retained Earnings Preferred Stock ferences Year 2 Beg Bal Year 2 Beg Bal End, Bal End Bal Common Stock Year 2 Beg Bal Paid in Capital in Excess of Par Preferred Stock You 2 Beg BM End BM End Bal Dividende Paid in Capital in trof Per-Common Stock Year 2 Beg Bal Year 2 Bey BM End, Bal End Toy Stock Com Serve Ye2 Year 2 Beg Bal Endan De Pre Type here to search O T Treasury Stock (Common) Service Revenue Year 2 Beg Bal. Year 2 Beg. Bal. End. Bal End Bal Operating Expenses Year 2 Beg. Bal. End. Bal. Year 1 Dividends Payable Cash Year 1 (12/31 8,000 8,000 12/31 Year 1 115 1/12 14/5 12/31 64,500 220,000 120,400 313 200 242,300 12/31 End. Bal 475,800 End Bal Retained Earnings Preferred Stock Year 1 Year 1 12/31 8.000 200.000 1/12 313 200 12/31 12/31 200,000 12/31 242 300 End Bal 62,900 End. Bal Common Stock Year 1 Paid-in Capital in Excess of Par-Preferred Stock Year 1 20.000 1/12 12/31 20.000 38,700 1/5 51.600 4/5 90,300 12/31 End. Bal. End, Bal Dividends Year 1 Paid in Capital in Excess of Par-Common Stock Year 1 25,800115 68,800 4/5 12/31 94 600 End Bal End. Bai Service Revenue Operating Expenses Year 1 12/31 Year 1 12/31 313 200 242,300 313,200 12/31 242 300 12/31 End. Bal End. Bal. Year 2 Cash Dividends Payable IS Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Round your intermediate calculations and final answer to the nearest dollar amount. Select "12/31 cl." for all the closing entries.) View transaction ist Journal entry worksheet 9 10 11 12 13 18 > Record the closing entry for dividends. Note: Enter det before the General Journal Debit Credit Date Dec 31 Record Clearly View general jouma Sun Corporation received a charter that authorized the issuance of 86.000 shares of $3 par common stock and 20.000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 jan. 5 Sold 12,900 shares of the 53 par connon stock for $5 per share. 12 Sold 2,000 shares of the 4 percent preferred stock for $110 per share. Apr. 5 sold 17,200 shares of the $3 par common stock for $7 per share. Dec. 31 During the year, earned $313, 2e in cash revenue and paid $242,388 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 sold 3,000 shares of the $1ee par preferred stock for $120 per share. May 5 Purchased 550 shares of the common stock as treasury stock at $6 per share. Dec. 31 During the year, earned $251, 360 in cash revenues and paid $173, Bee for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a se.se per share dividend on the common stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account. i stockh Required information Year 2 Cash Dividends Payable [year 2 Beg Bal Year 2 Beg Bail Bock End. Bal End Bal Retained Earnings Preferred Stock ferences Year 2 Beg Bal Year 2 Beg Bal End, Bal End Bal Common Stock Year 2 Beg Bal Paid in Capital in Excess of Par Preferred Stock You 2 Beg BM End BM End Bal Dividende Paid in Capital in trof Per-Common Stock Year 2 Beg Bal Year 2 Bey BM End, Bal End Toy Stock Com Serve Ye2 Year 2 Beg Bal Endan De Pre Type here to search O T Treasury Stock (Common) Service Revenue Year 2 Beg Bal. Year 2 Beg. Bal. End. Bal End Bal Operating Expenses Year 2 Beg. Bal. End. Bal. Year 1 Dividends Payable Cash Year 1 (12/31 8,000 8,000 12/31 Year 1 115 1/12 14/5 12/31 64,500 220,000 120,400 313 200 242,300 12/31 End. Bal 475,800 End Bal Retained Earnings Preferred Stock Year 1 Year 1 12/31 8.000 200.000 1/12 313 200 12/31 12/31 200,000 12/31 242 300 End Bal 62,900 End. Bal Common Stock Year 1 Paid-in Capital in Excess of Par-Preferred Stock Year 1 20.000 1/12 12/31 20.000 38,700 1/5 51.600 4/5 90,300 12/31 End. Bal. End, Bal Dividends Year 1 Paid in Capital in Excess of Par-Common Stock Year 1 25,800115 68,800 4/5 12/31 94 600 End Bal End. Bai Service Revenue Operating Expenses Year 1 12/31 Year 1 12/31 313 200 242,300 313,200 12/31 242 300 12/31 End. Bal End. Bal. Year 2 Cash Dividends Payable IS Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Round your intermediate calculations and final answer to the nearest dollar amount. Select "12/31 cl." for all the closing entries.) View transaction ist Journal entry worksheet 9 10 11 12 13 18 > Record the closing entry for dividends. Note: Enter det before the General Journal Debit Credit Date Dec 31 Record Clearly View general jouma
