HART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322 Paid-In Capital in Excess of Par-Common Stock 323 Paid-In Capital in Excess of Stated Value-Common Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 336 Stock Dividends Distributable 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Rent Expense 534 Insurance Expense 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense a. Issued 1,000 shares of $10 par common stock at $59 for cash. b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $60,000. c. Purchased 100 shares of treasury stock at $32. d. Sold the 100 shares of treasury stock purchased in (c) at $42. Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

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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CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Buildings
192	Accumulated Depreciation-Building
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
311	Preferred Stock
312	Paid-In Capital in Excess of Par-Preferred Stock
321	Common Stock
322	Paid-In Capital in Excess of Par-Common Stock
323	Paid-In Capital in Excess of Stated Value-Common Stock
331	Treasury Stock
332	Paid-In Capital from Sale of Treasury Stock
336	Stock Dividends Distributable
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Rent Expense
534	Insurance Expense
535	Supplies Expense
536	Organizational Expenses
561	Depreciation Expense-Building
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense

a.	Issued 1,000 shares of $10 par common stock at $59 for cash.
b.	Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $60,000.
c.	Purchased 100 shares of treasury stock at $32.
d.	Sold the 100 shares of treasury stock purchased in (c) at $42.

Required:

Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

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