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60Project #10 Fido's Food Mart Adjusted Trial Balance December 31, 20xX Account Title Debits Credits Cash 52,898 10,250 Accounts Receivable L.ess: Allowance for Doubtful Accounts 1,260 nventory 20,390 650 320 30,550 12,250 Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment & Vehicle Accounts Payable Interest Payable Unearned Revenue (Gift Cardsy Dividends Payable Bonds Payable (mature 12/31/XX) Common Stock (200 shares $210/share, par $210) Additional Paid In Capital - Common Stock Dividends Declared Treasury Stock Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses 1,780 62,128 400 275 0 12,000 42,000 0 134,725 40 64,330 34,840 3,260 1,780 160 400 Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense Totals 5,750 1,200 15,500 254,568 254,568 Project Business has been better than Fido's Food Mart even imagined: It is quickly realized that they need to raise additional capital to continue to grow. The accountant ar transactions to occur: Required: 1. Record the journal entry to account for a December 31, 20XX issuance of 20 shares at $225 per share, par $210 a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions & end balances. 2. Record the journal entry to declare a $2,200 dividend on December 31, 20XX to be paid on March 15 of the following year a. Show the balancin g effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginn ing balances, transactions & end balances. 3. Record the journal entry to repurchase 5 share of Treasury Stock @ $225.00 per share on December 31, 20XX to liquidate a partner who adopted a cat and didn't want to be part of a pet store only selling dog food a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions & end balances. 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed. Project #10: Stocks Fido's Food Mart Stock Certificat One Share of Common Stock PAR VALUE $210 A=L+E