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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

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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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.
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
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
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