Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7)

Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of operations:

January 2	Issue 100,000 shares of common stock for $58 per share.
February 14	Issue 48,000 shares of preferred stock for $11 per share.
May 8	Purchase 10,000 shares of its own common stock for $48 per share.
May 31	Resell 5,000 shares of treasury stock for $53 per share.
December 1	Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30	Pay the cash dividends declared on December 1.

No	Date	General Journal	Debit	Credit
1	January 02, 2024	Cashselected answer correct	5,800,000selected answer correct
		Common Stockselected answer correct
		Additional Paid-In Capitalselected answer correct
2	February 14, 2024	Cashselected answer correct
		Preferred Stockselected answer correct
		Additional Paid-In Capitalselected answer correct
3	May 08, 2024	Treasury Stockselected answer correct
		Cashselected answer correct
4	May 31, 2024	Cashselected answer correct
		Treasury Stockselected answer correct
		Additional Paid-In Capitalselected answer correct
5	December 01, 2024	Dividendsselected answer correct
		Dividends Payableselected answer correct
6	December 15, 2024	No Journal Entry Requiredselected answer correct
7	December 30, 2024	Dividends Payableselected answer correct
		Cashselected answer correct