Need answer to Part A
During 2025, the following transactions occurred. 1. On January 1, Bridgeport issued 960 shares of $40 par, 7% preferred stock for $39,360. 2. On January 1, Bridgeport also issued 720 shares of the $10 par value common stock for $16,800. 3. Bridgeport performed services for $256,000 on account. 4. On April 1,2025, Bridgeport collected fees of $28,800 in advance for services to be performed from April 1, 2025, to March 31,2026 5. Bridgeport collected $220,800 from customers on account. 6. Bridgeport bought $28,080 of supplies on account. 7. Bridgeport paid $25,760 on accounts payable. 8. Bridgeport reacquired 320 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $150,560. 10. On December 31,2025 , Bridgeport declared the annual cash dividend on preferred stock and a $1,20 per share dividend on the outstanding common stock, all payable on Jamuary 15, 2026. 11. An account receivable of $1,360 which originated in 2024 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $4,720 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $2,800 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30 -year life and a salvage value of $8,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)