Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected stock transactions Instruction Chart of Accounts Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the

image text in transcribed
image text in transcribed
Selected stock transactions Instruction Chart of Accounts Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year $8,000,000 Preferred 2% Stock, $100 par (100,000 shares authorized 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock $5 par (5,000,000 shares authorized, 4,000,000 shares issued) Paid-in Capital in Excess of Par--Common Stock Retained Earnings 440,000 20,000,000 2.280,000 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 200.000 shares of common stock at $12. receiving cash. b issued 8,000 shares of preferred 2s stock at $115. c. Purchased 175,000 shares of treasury common for $10 per share d Sold 110.000 shares of treasury common for 514 per share. Sold 30.000 shares of treasury common for $8 per share 1. Declared cash dividends of $1.25 per share on preferred stock and $0.08 per share on common stock g. Paid the cash dividends Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of accountries Selected stock transactions Instruction Chart of Accounts Chart of Accounts CHART OF ACCOUNTS Parks Construction Inc. General Latgar | REVENUE 410 Sales ASSETS 150 Cash 120 Account Rectable 13 Notes Receivable 122 Interest Receivable 141 W 145 Ofice 151 Prepaid 181 Land 193 Egument 194 Accumdated Depreciation Edit EXPENSES 310 Costel Good 515 Card Exp 590 Ses Expense 531 Advertising Expert 522 Delivery Expense 533 Selling Expenses 534 RantExpense 535 rue Expense 596 Office Supplies Expense $? Organitong Expert 562 Depreciation Expense Et 500 Miss Epe 740 Expense LIABILITIES 210 Accounts Payable 226 brierest Payable 231 Conh Dividendes Payable 241 Sales Payable 251 Mortgage Note Pro EQUITY 236 Stock Dividende 311 Common Stock 312 Pais Capital Excess of Par Common Stock 315 Treasury Stock 221 Preferred Stock 322 Pais Cool - Pretened Stock 331 Paisten Captul to sale of Treasury Stock 340 Rated Earnings 351 Cash Dividers 12 Stock Dividends

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Lawyers In A Nutshell

Authors: Charles Meyer

7th Edition

1647083001, 9781647083007

More Books

Students also viewed these Accounting questions