Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented wher amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O the amounts.) No. Account Titles and Explanation 1. 2. 3. + + + + + Debit Credit
Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented wher amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O the amounts.) No. Account Titles and Explanation 1. 2. 3. + + + + + Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do not give answer in image
![Pharoah Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet.
Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued)
Common stock, $5 par (91,000 shares authorized, 18,200 shares issued)
Additional paid-in capital
Retained earnings
Total
1.
2.
3.
4.
During 2020, Pharoah took part in the following transactions concerning stockholders' equity.
5.
6.
$210,000
7.
91,000
130,000
448,000
$879,000
Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. These
dividends had been declared on December 31, 2019.
Purchased 1,800 shares of its own outstanding common stock for $43 per share. Pharoah uses the cost method.
Reissued 800 treasury shares for land valued at $35,100.
Issued 540 shares of preferred stock at $107 per share.
Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.
Issued the stock dividend.
Declared the annual 2020 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. These
dividends are payable in 2021.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f8537d9-b2d5-451a-997e-08ac33656fba%2Fd99c3a84-6fe2-4101-9571-f22c6026b771%2Fki8hq7o_processed.png&w=3840&q=75)
Transcribed Image Text:Pharoah Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet.
Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued)
Common stock, $5 par (91,000 shares authorized, 18,200 shares issued)
Additional paid-in capital
Retained earnings
Total
1.
2.
3.
4.
During 2020, Pharoah took part in the following transactions concerning stockholders' equity.
5.
6.
$210,000
7.
91,000
130,000
448,000
$879,000
Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. These
dividends had been declared on December 31, 2019.
Purchased 1,800 shares of its own outstanding common stock for $43 per share. Pharoah uses the cost method.
Reissued 800 treasury shares for land valued at $35,100.
Issued 540 shares of preferred stock at $107 per share.
Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.
Issued the stock dividend.
Declared the annual 2020 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. These
dividends are payable in 2021.
![Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for
the amounts.)
No. Account Titles and Explanation
1.
2.
3.
4.
←►
◄►
◄►
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f8537d9-b2d5-451a-997e-08ac33656fba%2Fd99c3a84-6fe2-4101-9571-f22c6026b771%2Fvy7zwm_processed.png&w=3840&q=75)
Transcribed Image Text:Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for
the amounts.)
No. Account Titles and Explanation
1.
2.
3.
4.
←►
◄►
◄►
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education