! Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 108,000 shares of $4 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 Sold 16,200 shares of the $4 par common stock for $6 per share. Sold 1,900 shares of the 5 percent preferred stock for $110 per share. Sold 21,600 shares of the $4 par common stock for $8 per share. December 31 During the year, earned $312,500 in cash revenue and paid $238,900 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3 es May 5 December 31 Sold 2,850 shares of the $100 par preferred stock for $120 per share. Purchased 500 shares of the common stock as treasury stock at $8 per share. During the year, earned $253,400 in cash revenues and paid $177,000 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. December 31 Closed revenue, expense, and dividend accounts to the retained earnings account. Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. Complete this question by entering your answers in the tabs below. General Journal T Accounts T Accounts Year 1 Year 2 Prepare journal entries for these transactions for Year 1 and Year 2. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list
! Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 108,000 shares of $4 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 January 12 April 5 Sold 16,200 shares of the $4 par common stock for $6 per share. Sold 1,900 shares of the 5 percent preferred stock for $110 per share. Sold 21,600 shares of the $4 par common stock for $8 per share. December 31 During the year, earned $312,500 in cash revenue and paid $238,900 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3 es May 5 December 31 Sold 2,850 shares of the $100 par preferred stock for $120 per share. Purchased 500 shares of the common stock as treasury stock at $8 per share. During the year, earned $253,400 in cash revenues and paid $177,000 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common stock. December 31 Closed revenue, expense, and dividend accounts to the retained earnings account. Required a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts. Complete this question by entering your answers in the tabs below. General Journal T Accounts T Accounts Year 1 Year 2 Prepare journal entries for these transactions for Year 1 and Year 2. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
Sun Corporation received a charter that authorized the issuance of 108,000 shares of $4 par common stock and 19,000
shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its
first two years of operation.
Year 1
January 5
January 12
April 5
Sold 16,200 shares of the $4 par common stock for $6 per share.
Sold 1,900 shares of the 5 percent preferred stock for $110 per share.
Sold 21,600 shares of the $4 par common stock for $8 per share.
December 31 During the year, earned $312,500 in cash revenue and paid $238,900 for cash operating expenses.
December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend
will be paid on February 15 to stockholders of record on January 10, Year 2.
December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account.
Year 2
February 15 Paid the cash dividend declared on December 31, Year 1.
March 3
es
May 5
December 31
Sold 2,850 shares of the $100 par preferred stock for $120 per share.
Purchased 500 shares of the common stock as treasury stock at $8 per share.
During the year, earned $253,400 in cash revenues and paid $177,000 for cash operating expenses.
December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common
stock.
December 31 Closed revenue, expense, and dividend accounts to the retained earnings account.
Required
a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts.
Complete this question by entering your answers in the tabs below.
General
Journal
T Accounts
T Accounts
Year 1
Year 2
Prepare journal entries for these transactions for Year 1 and Year 2.
Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field.
View transaction list](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbad36634-465f-42a4-b969-51d04fb6a91a%2Fe65f00e3-102e-4d4c-b6d0-280dc101d518%2Fc4nu9yg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Sun Corporation received a charter that authorized the issuance of 108,000 shares of $4 par common stock and 19,000
shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its
first two years of operation.
Year 1
January 5
January 12
April 5
Sold 16,200 shares of the $4 par common stock for $6 per share.
Sold 1,900 shares of the 5 percent preferred stock for $110 per share.
Sold 21,600 shares of the $4 par common stock for $8 per share.
December 31 During the year, earned $312,500 in cash revenue and paid $238,900 for cash operating expenses.
December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend
will be paid on February 15 to stockholders of record on January 10, Year 2.
December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account.
Year 2
February 15 Paid the cash dividend declared on December 31, Year 1.
March 3
es
May 5
December 31
Sold 2,850 shares of the $100 par preferred stock for $120 per share.
Purchased 500 shares of the common stock as treasury stock at $8 per share.
During the year, earned $253,400 in cash revenues and paid $177,000 for cash operating expenses.
December 31 Declared the annual dividend on the preferred stock and a $0.50 per share dividend on the common
stock.
December 31 Closed revenue, expense, and dividend accounts to the retained earnings account.
Required
a. Prepare journal entries for these transactions for Year 1 and Year 2 and post them to T-accounts.
Complete this question by entering your answers in the tabs below.
General
Journal
T Accounts
T Accounts
Year 1
Year 2
Prepare journal entries for these transactions for Year 1 and Year 2.
Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field.
View transaction list
Expert Solution
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 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning