1/2/21 Issued 15,000 shares of $20 par common stock at $30, receiving cash. 1/2/21 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. 1/2/21 Issued $500,000 of 10-year,5% bonds at 104, with interest payable semiannually. Issued a 180-day, 5%, $50,000 note to a customer. The note was repaid in full including interest on the due date. 3/14/21 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 4/1/21 Paid the cash dividends declared in (d). Purchased 8,000 shares of treasury common stock at $33 per share. 5/15/21 5/17/21 Purchased Store equipment on account for $105,000, to be depreciated using the straight- line method over 7 years. Assume $0 Residual Value. 7/1/21 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Paid the cash dividends to the preferred stockholders. 7/15/21 8/31/21 Collected the Note issue on March 14 9/10/21 9/12/21 Sold, at $38 per share,2,600 shares of treasury common stock purchased May 9/19/21 Issued a 60-day, 5%, $22,500 note to a customer The note issued on 9/19/21 was not collected, so the note was reclassified as Accounts 11/18/21 Receivable, with accrued interest. Sold Office equipment for $5,000. The equipment originally cost $32,000 when it was purchased on January 1,2017,had no residualvalue, and was being depreciated using the straight-line method over 5 years. 11/30/21 Disposed of obsolete Store equipment having an original cost of $15,000. The equipment is fully depreciated. 12/15/21

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles.

The journal must have date, description, credit and debit.

Also must be a total of 64 journal entries.

And must find the total.

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