Question
Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) $3,755,000 Paid-In Capital in Excess of ParPreferred Stock 165,220 Common Stock, $3 par (5,000,000
Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) | $3,755,000 |
Paid-In Capital in Excess of ParPreferred Stock | 165,220 |
Common Stock, $3 par (5,000,000 shares authorized, 2,020,000 shares issued) | 6,060,000 |
Paid-In Capital in Excess of ParCommon Stock | 1,212,000 |
Retained Earnings | 35,446,000 |
During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows:
Jan. | 5 | Issued 519,600 shares of common stock at $8, receiving cash. |
Feb. | 10 | Issued 10,800 shares of preferred 1% stock at $61. |
Mar. | 19 | Purchased 46,400 shares of treasury common for $8 per share. |
May | 16 | Sold 20,800 shares of treasury common for $10 per share. |
Aug. | 25 | Sold 5,600 shares of treasury common for $7 per share. |
Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. |
31 | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
Shaded cells have feedback.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
Score: 211/224
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