Primo Discount Organization

tries for selected corporate transactions Instructions Chart of Accounts Journal D HI nstructions Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan 9 Feb 28 May 1 Jul 10 Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding. Purchased 40,000 shares of the corporation's own common stock at $28, recording the stock at cost. Declared semiannual dividends of $0.80 per share on 75,000 shares of preferred stock and $0.12 per share on the common stock to stockholders of record on June 1, payable on July 10. Paid the cash dividends. Sold 30,000 shares of treasury stock at $34, receiving cash. Declared semiannual dividends of $0.80 per share on the preferred stock and $0.12 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Paid the cash dividends and issued the certificates for the common stock dividend. 7 Sep. Oct 1 Dec. 1 Joumalize the transactions. I no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles Entries for selected corporate transactions Instructions Chart of Accounts Journal Chart of Accounts ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivablo 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment 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 562 Depreciation Expense-Equipment 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable Entries for selected Instructions Chart of Accounts Journal Chart of Accounts 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 562 Depreciation Expense-Equipment 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 Check My Work 6 more Check My Work uses remaining, All work saved cBook alculator Entries for selected corporate transactions Instructions Chart of Accounts Journal Joumal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DERIT CREDIT ASSETS LIABILITIES EQUITY 2 5 6 7 9 10 12