Accounting Instructions: Complete the journal entries for the following events. Enter numbers without any format (e.g., 62500; 1800). 1. Issued 7,000 shares of no-par common stock. The market price of the stock is $12 per shar Account Debit Credit Cash Common Stock 2. Issued 3,000 shares of 5%, $100 par, cumulative preferred stock for $122 per share. Account Debit Credit Cash Preferred Stock (PS) Paid-in-Capital in Excess of Par - PS 3. Declared dividends on preferred dividend of 5% per share. Account Debit Cash Dividends Dividends Payable 4. Purchased 500 shares of common stock at $14 for treasury. Account Debit Treasury Stock Cash 5. Paid preferred dividend declared in #3. Account Dividends Payable Cash 1. 2. 3. 4. 5. Debit Credit Credit Credit

Accounting Instructions: Complete the journal entries for the following events. Enter numbers without any format (e.g., 62500; 1800). 1. Issued 7,000 shares of no-par common stock. The market price of the stock is $12 per shar Account Debit Credit Cash Common Stock 2. Issued 3,000 shares of 5%, $100 par, cumulative preferred stock for $122 per share. Account Debit Credit Cash Preferred Stock (PS) Paid-in-Capital in Excess of Par - PS 3. Declared dividends on preferred dividend of 5% per share. Account Debit Cash Dividends Dividends Payable 4. Purchased 500 shares of common stock at $14 for treasury. Account Debit Treasury Stock Cash 5. Paid preferred dividend declared in #3. Account Dividends Payable Cash 1. 2. 3. 4. 5. Debit Credit Credit Credit

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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Journal entry worksheet