please dont cut off answers and please use exact titles The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued)$3,980,000Paid-In Capital in Excess of Par—Preferred Stock159,200Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued)5,610,000Paid-In Capital in Excess of Par—Common Stock1,215,500Retained Earnings31,497,000During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Jan.5Issued 532,900 shares of common stock at $9, receiving cash.Feb.10Issued 11,000 shares of preferred 1% stock at $58.Mar.19Purchased 45,400 shares of treasury common for $8 per share.May16Sold 21,400 shares of treasury common for $10 per share.Aug.25Sold 4,300 shares of treasury common for $7 per share.Dec.6Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock. 31Paid the cash dividends.Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.CHART OF ACCOUNTS Upscale Construction Inc. General Ledger ASSETS110Cash120Accounts Receivable131Notes Receivable132Interest Receivable141Merchandise Inventory145Office Supplies151Prepaid Insurance181Land193Equipment194Accumulated Depreciation-Equipment LIABILITIES210Accounts Payable221Notes Payable226Interest Payable231Cash Dividends Payable236Stock Dividends Distributable241Salaries Payable261Mortgage Note Payable EQUITY311Common Stock312Paid-In Capital in Excess of Par-Common Stock315Treasury Stock321Preferred Stock322Paid-In Capital in Excess of Par-Preferred Stock331Paid-In Capital from Sale of Treasury Stock340Retained Earnings351Cash Dividends352Stock Dividends REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold515Credit Card Expense520Salaries Expense531Advertising Expense532Delivery Expense533Selling Expenses534Rent Expense535Insurance Expense536Office Supplies Expense537Organizational Expenses562Depreciation Expense-Equipment590Miscellaneous Expense710Interest Expense tru JournalJournalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Everyline on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.PAGE 10CCO NTISIC 5OLL TIONI JournalDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYDATE1456.8.6.1012131415161718112.

Journal entry represents the recording of financial transactions initially.

Answered: The following selected accounts appear…

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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Question

please dont cut off answers and please use exact titles

The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:

Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued)	$3,980,000
Paid-In Capital in Excess of Par—Preferred Stock	159,200
Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued)	5,610,000
Paid-In Capital in Excess of Par—Common Stock	1,215,500
Retained Earnings	31,497,000

During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:

Jan.	5	Issued 532,900 shares of common stock at $9, receiving cash.
Feb.	10	Issued 11,000 shares of preferred 1% stock at $58.
Mar.	19	Purchased 45,400 shares of treasury common for $8 per share.
May	16	Sold 21,400 shares of treasury common for $10 per share.
Aug.	25	Sold 4,300 shares of treasury common for $7 per share.
Dec.	6	Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock.
	31	Paid the cash dividends.

Required:

Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

CHART OF ACCOUNTS
Upscale Construction Inc.
General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
311	Common Stock
312	Paid-In Capital in Excess of Par-Common Stock
315	Treasury Stock
321	Preferred Stock
322	Paid-In Capital in Excess of Par-Preferred Stock
331	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense

tru Journal
Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every
line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
PAGE 10
CCO NTISIC 5OLL TIONI

Journal
DESCRIPTION
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CREDIT
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LIABILITIES
EQUITY
DATE
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4
5
6.
8.
6.
10
12
13
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2.

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