Preferred Stock, $100 par, 5% Common Stock, $10 par Paid-in Capital in Excess of Par-Preferred Stock $200.000 Account Titles and Explanation 400,000 Paid-in Capital in Excess of Par-Common Stock 100,000 Retained Earnings 300.000 There were no dividends in arrears on preferred stock. During 20211 the company had the following transactions and events . December 31 Determined that net income for the year was $150,000. INSTRUCTIONS Journalize the closing transaction. Follow the following instructions to receive credit. 1. Date should be spelled correctly and written as Month Day (ex. February 4). 2. Credit account titles are automatically indented when title is entered. Do not indent manually. 3. Account titles must be spelled correctly. 4. Do not key S-signs within journal entries. Date Debit 50,000 Credit
Preferred Stock, $100 par, 5% Common Stock, $10 par Paid-in Capital in Excess of Par-Preferred Stock $200.000 Account Titles and Explanation 400,000 Paid-in Capital in Excess of Par-Common Stock 100,000 Retained Earnings 300.000 There were no dividends in arrears on preferred stock. During 20211 the company had the following transactions and events . December 31 Determined that net income for the year was $150,000. INSTRUCTIONS Journalize the closing transaction. Follow the following instructions to receive credit. 1. Date should be spelled correctly and written as Month Day (ex. February 4). 2. Credit account titles are automatically indented when title is entered. Do not indent manually. 3. Account titles must be spelled correctly. 4. Do not key S-signs within journal entries. Date Debit 50,000 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kk. 236.
Transcribed Image Text:Preferred Stock, $100 par, 5%
Common Stock, $10 par
Paid-in Capital in Excess of Par-Preferred Stock
$200.000
Account Titles and Explanation
400,000
Paid-in Capital in Excess of Par-Common Stock
100,000
Retained Earnings
300.000
There were no dividends in arrears on preferred stock. During 20211 the company had the following transactions and events
. December 31 Determined that net income for the year was $150,000.
INSTRUCTIONS
Journalize the closing transaction. Follow the following instructions to receive credit.
1. Date should be spelled correctly and written as Month Day (ex. February 4).
2. Credit account titles are automatically indented when title is entered. Do not indent manually.
3. Account titles must be spelled correctly.
4. Do not key S-signs within journal entries.
Date
Debit
50,000
Credit
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