Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required: Journalize the entries to record the transactions

Required: Journalize the entries to record the transactions

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
answer in text form please (without image), Note: .Every entry should have narration please)
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year Preferred 2% Stock $100 par (100,000 shares authorized, 80,000 shares issued) Paid in Capital in Excess of Par-Preferred Stock Common Stock, $5 par (5,000,000 shares authorized 4,000,000 shares issued) Paid in Capital in Excess of Par-Common Stock Retained Earings $8,000,000 440,000 20.000.000 2,280,000 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: & Issued 220.000 shares of common stock at $14, receiving cash. b Issued 12,000 shares of preferred 2% stock at $110. c Purchased 160,000 shares of treasury common for $10 per share d. Sold 105,000 shares of treasury common for $16 per share e Sold 40,000 shares of treasury common for 58 per share. t. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock a Paid the cash dividends Required: Jourmalize the entries to record the transactions
Transcribed Image Text:The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year Preferred 2% Stock $100 par (100,000 shares authorized, 80,000 shares issued) Paid in Capital in Excess of Par-Preferred Stock Common Stock, $5 par (5,000,000 shares authorized 4,000,000 shares issued) Paid in Capital in Excess of Par-Common Stock Retained Earings $8,000,000 440,000 20.000.000 2,280,000 115,400,000 During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: & Issued 220.000 shares of common stock at $14, receiving cash. b Issued 12,000 shares of preferred 2% stock at $110. c Purchased 160,000 shares of treasury common for $10 per share d. Sold 105,000 shares of treasury common for $16 per share e Sold 40,000 shares of treasury common for 58 per share. t. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock a Paid the cash dividends Required: Jourmalize the entries to record the transactions
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
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
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS