The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) $3,970,000 Paid-In Capital in Excess of Par—Preferred Stock 150,860 Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) 6,300,000 Paid-In Capital in Excess of Par—Common Stock 1,260,000 Retained Earnings 33,959,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 518,800 shares of common stock at $7, receiving cash. b. Issued 9,800 shares of preferred 1% stock at $61. c. Purchased 48,300 shares of treasury common for $7 per share. d. Sold 19,500 shares of treasury common for $9 per share. e. Sold 5,000 shares of treasury common for $6 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) $3,970,000 Paid-In Capital in Excess of Par—Preferred Stock 150,860 Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) 6,300,000 Paid-In Capital in Excess of Par—Common Stock 1,260,000 Retained Earnings 33,959,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: a. Issued 518,800 shares of common stock at $7, receiving cash. b. Issued 9,800 shares of preferred 1% stock at $61. c. Purchased 48,300 shares of treasury common for $7 per share. d. Sold 19,500 shares of treasury common for $9 per share. e. Sold 5,000 shares of treasury common for $6 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Chapter7: Payroll
Section: Chapter Questions
Problem 2.11C
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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 79,400 shares issued) | $3,970,000 |
| Paid-In Capital in Excess of Par— |
150,860 |
| Common Stock, $3 par (5,000,000 shares authorized, 2,100,000 shares issued) | 6,300,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,260,000 |
| 33,959,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| a. | Issued 518,800 shares of common stock at $7, receiving cash. |
| b. | Issued 9,800 shares of preferred 1% stock at $61. |
| c. | Purchased 48,300 shares of treasury common for $7 per share. |
| d. | Sold 19,500 shares of treasury common for $9 per share. |
| e. | Sold 5,000 shares of treasury common for $6 per share. |
| f. | Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. |
| g. | Paid the cash dividends. |
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Journalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
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