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Journalize the entries to record the transactions. Identify each entry by letter.

Journalize the entries to record the transactions. Identify each entry by letter.

FINANCIAL ACCOUNTING
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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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized. 80,000 shares issued) b. Paid-In Capital in Excess of Par-Preferred Stock g. 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 Issued 220,000 shares of common stock at $14, receiving cash. $ 8,000,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Paid the cash dividends. 440,000 INSTRUCTIONS 20,000,000 Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. 2,280,000 115,400,000 Journalize the entries to record the transactions. Identify each entry by letter.
Transcribed Image Text:The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized. 80,000 shares issued) b. Paid-In Capital in Excess of Par-Preferred Stock g. 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 Issued 220,000 shares of common stock at $14, receiving cash. $ 8,000,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Paid the cash dividends. 440,000 INSTRUCTIONS 20,000,000 Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock. 2,280,000 115,400,000 Journalize the entries to record the transactions. Identify each entry by letter.
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