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Instructions Chart of Accounts General Journal Chart of Accounts 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 536 Office Supplies Expense 537 Organizational Expenses 561 Depreciation Expense-Buliding 590 Miscellaneous Expense 710 Interest Expense EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Joumalize the entries to record the May transactions Instructions Chart of Accounts General Joumal Chart of Accounts CHART OF ACCOUNTS Latte Corp. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Recelvable 132 Interest Receivable 141 inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Bullding 192 Accumulated Depreciation-Building LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable REVENUE 410 Sales 610 Interest Revenue 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 On December 1 the current yest, the following accounts and their balances appear in the ledger of Latte Corp., a cotlee processor: At the annual stockhplders' meeting on March 31 , the board of directors presented a plan foc modernizing and expanding plant cperations at a cost of approximately $11,000,000. The plan provided (a) that a building. valued at $3,422,000, and the land on which a is located, valued at $1,570,000, be acquined in accordance with preiminary negobations by the issuance of 128,000 shares of (b) that 45,800 shares of the unissued preferred stock be issued through an underwiter, and (c) that the corporaton bonow 54,450,000. The plan was approvad by the stockholders and accomplished by the following transactions: May 11 lswed 128,000 shares of common stock in exchange for land and a building, according to the plan 20 issued 41,900 shures of preferred stock, receiving $55 per share in cash. 31 Borowed $4,450,000 trom Laurel National, giving a 65 mortgage note. Aequired: Joumalize the entries fo record the May transactions