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Need help compleating general jounal, balance sheet, and debt to assets ratio! Chestnut Corporation, reported the following account balances on January 1 . The company
Need help compleating general jounal, balance sheet, and debt to assets ratio!
Chestnut Corporation, reported the following account balances on January 1 . The company entered into the following transactions during the year. January 15 Issued 19,000 sharea of $1 par cenmon stock for $78,000 cash. January 31 collected 53,000 tron custonere on account. Yebruary 15 Reacquired 3,280 shares of $1 par common stoek into treasury for $36,080 cash. Mareh 15 ke1ssued 2,280 nharen of treanury stock for $27,080 cash. Auguat 15 Reissued 600 shareo of treanury stock for $4,600cash. septenber 15 Declared (bat did not yet pay) a $1 cash dividend on easi outntanding thare of comnon stoek. october 1 Issued 100,10 -year, $1,150 bonds, at a quoted bond price of 101. october 3 Wrote oft a $1,500 balance due from a custoner who went bankrupt. - December 25 Recorded 5258,000 of service revente, all of which was collected in cash. December 30 Paid 5228,000 eaib tor this year's wages through December 31. (Ignore payro11 taxen and payroll deductions, Decenber 31 Caleulated $10,000 of depreoiation for the year to be recorded. (Ignore acerual adjustments for interest and incone taxes.) Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid.) Step by Step Solution
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