PLEASE READ: INSTRUCTIONS 1. Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries: 1. For Account Names, use the Chart of Accounts to choose the appropriate Account Name. Accounts must be spelled exactly how they appear in the Chart to get credit. 2. For Debit/Credit Amounts, use the following numeric format: 12345 (no dollar signs, no commas). 3. If no journal entry is required, write NO for all Debit/Credit Accounts and Debit/Credit Amounts. 2. If there are multiple Debit or Credit lines in the same journal entry, the order for the Credit Accounts does not matter (I have adjusted the solutions to allow either order) Chart of Accounts Sales Assets Stockholders' Equity Cash Common Stock Accounts Receivable Additional Paid-in Capital Inventory Treasury Stock Supplies Dividends Prepaid Rent Equipment Accumulated Depreciation Cost of Goods Sold Liabilities Depreciation Expense Accounts Payable Interest Expense Dividends Payable Rent Expense Notes Payable Supplies Expense Wages Payable Wages Expense Unearned Revenue Utilities Expense 1. On June 1, Company ABC issues 60,000 shares of common stock to investors for $48 each. The common stock has a par value of $0.50. Debit Account Credit Account Debit Amount Credit Amount 2. On May 2, Company ABC declared dividends of $41,650 to be paid to shareholders. Debit Account Credit Account Debit Amount Credit Amount 3. On May 5, Company ABC repurchased 1,400 shares of its own stock back from the market for $39 each. Debit Account Credit Account Debit Amount Credit Amount 4. On May 10, Company ABC had their "date of record," to record which shareholders would receive the dividends. Debit Account Credit Account Debit Amount Credit Amount 5. On May 13, Company ABC paid the $41,650 dividends they had declared on May 2 in cash. Debit Account Credit Account Debit Amount Credit Amount 6. On August 25, Company ABC re-issued 550 of the shares it had repurchased on May 5 (it had purchased them for $39 each). It sold it for $55 per share. Note: re-issued means ABC sold the stock back to the market. Debit Account Credit Account Debit Amount Credit Amount 7. On August 30, Company ABC re-issued another 150 shares of stock it had repurchased on May 5 (it had purchased them for $39 each). It sold it for $29 per share. Note: re-issued means ABC sold the stock back to the market. Debit Account Credit Account Debit Amount Credit Amount Use the journal entries from the previous question (Question 10). Fill in the Shareholders' Equity section for the end of the year. Note that all the accounts start at $0. The company had Net Income of $874,500 for the year. Use the following number format 12345 or -12345 (no commas, no dollar signs, no cents) in $ amount Dec 31, 2020 Stockholders' Equity: Common Stock, $0.50 par value Additional Paid-in Capital Treasury Stock Retained Earnings PLEASE READ: INSTRUCTIONS 1. Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries: 1. For Account Names, use the Chart of Accounts to choose the appropriate Account Name. Accounts must be spelled exactly how they appear in the Chart to get credit. 2. For Debit/Credit Amounts, use the following numeric format: 12345 (no dollar signs, no commas). 3. If no journal entry is required, write NO for all Debit/Credit Accounts and Debit/Credit Amounts. 2. If there are multiple Debit or Credit lines in the same journal entry, the order for the Credit Accounts does not matter (I have adjusted the solutions to allow either order) Chart of Accounts Sales Assets Stockholders' Equity Cash Common Stock Accounts Receivable Additional Paid-in Capital Inventory Treasury Stock Supplies Dividends Prepaid Rent Equipment Accumulated Depreciation Cost of Goods Sold Liabilities Depreciation Expense Accounts Payable Interest Expense Dividends Payable Rent Expense Notes Payable Supplies Expense Wages Payable Wages Expense Unearned Revenue Utilities Expense 1. On June 1, Company ABC issues 60,000 shares of common stock to investors for $48 each. The common stock has a par value of $0.50. Debit Account Credit Account Debit Amount Credit Amount 2. On May 2, Company ABC declared dividends of $41,650 to be paid to shareholders. Debit Account Credit Account Debit Amount Credit Amount 3. On May 5, Company ABC repurchased 1,400 shares of its own stock back from the market for $39 each. Debit Account Credit Account Debit Amount Credit Amount 4. On May 10, Company ABC had their "date of record," to record which shareholders would receive the dividends. Debit Account Credit Account Debit Amount Credit Amount 5. On May 13, Company ABC paid the $41,650 dividends they had declared on May 2 in cash. Debit Account Credit Account Debit Amount Credit Amount 6. On August 25, Company ABC re-issued 550 of the shares it had repurchased on May 5 (it had purchased them for $39 each). It sold it for $55 per share. Note: re-issued means ABC sold the stock back to the market. Debit Account Credit Account Debit Amount Credit Amount 7. On August 30, Company ABC re-issued another 150 shares of stock it had repurchased on May 5 (it had purchased them for $39 each). It sold it for $29 per share. Note: re-issued means ABC sold the stock back to the market. Debit Account Credit Account Debit Amount Credit Amount Use the journal entries from the previous question (Question 10). Fill in the Shareholders' Equity section for the end of the year. Note that all the accounts start at $0. The company had Net Income of $874,500 for the year. Use the following number format 12345 or -12345 (no commas, no dollar signs, no cents) in $ amount Dec 31, 2020 Stockholders' Equity: Common Stock, $0.50 par value Additional Paid-in Capital Treasury Stock Retained Earnings