Please answer question correctly Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select, “No entry” for the accounts titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem Question 1 of 5After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc.on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is asfollows.Paid-in capitalPreferred stock, $0.50 noncumulative, no par value,$11,20011,200 shares authorized, 2,240 issuedCommon stock, no par value, 112,000 sharesauthorized, 29,048 issued29,048Cookie & Coffee Creations then has the following selected transactions during its first year of operations.2022Dec. 1Issues an additional 896 preferred shares to Natalie's brother for $4,480.2023Apr. 30Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1.June 30Repurchases 840 shares of common stock issued to the lawyer, for $ 560. Recall that these were originally issued for $840. The lawyer had decided to retire and wanted to liquidate all of her assets.Oct. 31The company has had a very successful first year of operations. It earned revenues of $518,000 and incurred operatingexpenses of $ 414,400 (including $765 legal fee, but excluding income tax).31Records income tax expense. (The company has a 20% income tax rate.)31Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Account Titles and ExplanationDebitCreditDate20222023(To record income tax expense)

Journal entries recording is the first step in accounting cycle process, in which atleast one…

<> Question 1 of 5 After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, $11,200 11,200 shares authorized, 2,240 issued Common stock, no par value, 112,000 shares authorized, 29,048 issued 29,048 Cookie & Coffee Creations then has the following selected transactions during its fırst year of operations. 2022 Dec. 1 Issues an additional 896 preferred shares to Natalie's brother for $4,480. 2023 Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. Repurchases 840 shares of common stock issued to the lawyer, for $ 560. Recall that these were originally issued for $ 840. The lawyer had decided to retire and wanted to liquidate all of her assets. June 30 Oct. 31 The company has had a very successful first year of operations. It earned revenues of $518,000 and incurred operating expenses of $ 414,400 (including $765 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1.

<> Question 1 of 5 After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc on November 1, 2022. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capital Preferred stock, $0.50 noncumulative, no par value, $11,200 11,200 shares authorized, 2,240 issued Common stock, no par value, 112,000 shares authorized, 29,048 issued 29,048 Cookie & Coffee Creations then has the following selected transactions during its fırst year of operations. 2022 Dec. 1 Issues an additional 896 preferred shares to Natalie's brother for $4,480. 2023 Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. Repurchases 840 shares of common stock issued to the lawyer, for $ 560. Recall that these were originally issued for $ 840. The lawyer had decided to retire and wanted to liquidate all of her assets. June 30 Oct. 31 The company has had a very successful first year of operations. It earned revenues of $518,000 and incurred operating expenses of $ 414,400 (including $765 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1.

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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