The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:

Preferred $1\%$ Stock, $$50$ par $(100,000$ shares authorized, $83,900$ shares issued$)$ $$4,195,000$

Paid$-$In Capital in Excess of Par$$Preferred Stock $184,580$

Common Stock, $$3$ par $(5,000,000$ shares authorized, $2,120,000$ shares issued$)6,360,000$

Paid$-$In Capital in Excess of Par$$Common Stock $1,590,000$

Retained Earnings $31,692,000$

During the year, the corporation completed a number of transactions affecting the stockholders$$ equity. They are summarized as follows:

Jan. $5$ Issued $467,700$ shares of common stock at $$9,$ receiving cash.

Feb. $10$ Issued $10,700$ shares of preferred $1\%$ stock at $$62.$

Mar. $19$ Purchased $53,000$ shares of treasury common for $$6$ per share.

May $16$ Sold $20,000$ shares of treasury common for $$8$ per share.

Aug. $25$ Sold $5,200$ shares of treasury common for $$5$ per share.

Dec. $6$ Declared cash dividends of $$0\mathrm{.}50$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.

$31$ Paid the cash dividends.

Required:

Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

CHART OF ACCOUNTSUpscale Construction Inc.General Ledger

ASSETS

$110$ Cash

$120$ Accounts Receivable

$131$ Notes Receivable

$132$ Interest Receivable

$141$ Merchandise Inventory

$145$ Office Supplies

$151$ Prepaid Insurance

$181$ Land

$193$ Equipment

$194$ Accumulated Depreciation$-$Equipment

LIABILITIES

$210$ Accounts Payable

$221$ Notes Payable

$226$ Interest Payable

$231$ Cash Dividends Payable

$236$ Stock Dividends Distributable

$241$ Salaries Payable

$261$ Mortgage Note Payable

EQUITY

$311$ 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

REVENUE

$410$ Sales

$610$ Interest Revenue

EXPENSES

$510$ Cost of Merchandise 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

$710$ Interest Expense

Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

PAGE $10$

JOURNAL

ACCOUNTING EQUATION

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