Question 6 6.3/18 View Policies Show Attempt History Current Attempt in Progress On January 1 Windsor, Inc. had 74,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred: Apr. 1 Issued 11,000 additional shares of common stock for $10 per share. June 15 Declared a cash dividend of $1.00 per share to stockholders of record on June 30. July 10 Paid the $1.00 cash dividend. Dec. 1 Issued 6,000 additional shares of common stock for $14 per share. 15 Declared a cash dividend on outstanding shares of $1.00 per share to stockholders of record on December 31. Your answer is partially correct. Prepare the entries, if any, on each of the three dates that involved dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit June 154 Cash Dividends 85000 Dividends Payable 85000 July 10 Dividends Payable 85000 Cash 85000 [Dec. 15 # Cash Dividends 91000 Dividends Payable 91000 e Textbook and Media Assistance Used List of Accounts Save for Later Last saved 20 hours ago. Attempts: 1 of 2 used Submit Answer uction Dart Scoro 24/12 Novak Corp's balance sheet at December 31, 2021, is presented below. NOVAK CORP. Balance Sheet December 31, 2021 Cash $40,960 Accounts receivable 128,000 Allowance for doubtful accounts 203,840 $39,360 Accounts payable 72,800 Common stock ($10 par) (2,400) Retained earnings 7,040 64,000 227,200 Supplies Land Buildings Accumulated depreciation-buildings (35,200) $372,800 $372,800 During 2022, the following transactions occurred. 1. On January 1, Novak issued 1,920 shares of $40 par, 7% preferred stock for $78,720. 2. On January 1, Novak also issued 1,440 shares of the $10 par value common stock for $33,600. 3. Novak performed services for $512,000 on account. 4. On April 1, 2022, Novak collected fees of $57,600 in advance for services to be performed from April 1, 2022, to March 31, 202 5. Novak collected $441,600 from customers on account. 6. Novak bought $56,160 of supplies on account. 7. Novak paid $51,520 on accounts payable. 8. Novak reacquired 640 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $301,120. 10. On December 31, 2022, Novak declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $2,720 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $9,440 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $5,600 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $16,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record Journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. Cash 76800 Preferred Stock 76800 Paid-in Capital in Excess of Par Value-Prefer 1920 Cash 33600 Common Stock 14400 Paid-in Capital in Excess of Par Value-Com 19200 3. Accounts Receivable 512000 Service Revenue 512000 4. Cash 57600 Unearned Service Revenue 57600 5. Cash 441600 Accounts Receivable 441600 6. Supplies 56160 Accounts Payable 56160 7. Accounts Payable 51520 Cash 51520 8. Treasury Stock 17920 Cash 17920 9. Other Operating Expenses 301,120 Cash 301,120 10. 11. Allowance for Doubtful Accounts 2720 Accounts Receivable 2720