Please help with the below journal, instructions and chart of accounts are on second screenshot. thank you
Stock transactions for corporate expansion Instructions Chart of Accounts Journal Journal Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Stock transactions for corporate expansion Instructions Chart of Accounts Journal Instructions Chart of Accounts ASSETS REVENUE On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a 110 Cash coffee processor: 410 Sales 610 Interest Revenue Preferred 2% Stock, $50 par (260,000 shares authorized, 76,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Common Stock, $30 par (1,000,000 shares authorized, 419,000 shares issued) Paid-In Capital in Excess of Par-Common Stock $3,800,000 456.000 12,570,000 1,676,000 159,380.000 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance Retained Eamings 181 Land At the annual stockholders' meeting on March 31, the board of directors presented a plan for modernizing and 191 Building 192 Accumulated Depreciation-Buildings expanding plant operations at a cost of approximately $11.000.000. The plan provided (a) that a building, valued at $3,335,000, and the land on which it is located, valued at $898,000, be acquired in accordance with preliminary negotiations by the issuance of 124,500 shares of common stock, (b) that 39,800 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $4,100,000. The plan was approved by the stockholders and accomplished by the following transactions: EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 561 Depreciation Expense-Building 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable May 11 issued 124,500 shares of common stock in exchange for land and a building, according to the plan. 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable 20 31 Issued 39,800 shares of preferred stock, receiving $53 per share in cash. Borrowed 54,100,000 from Laurel National, giving a 5% mortgage note. Joumalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock
