Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning...
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Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT Instructions The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. Feb. Mar. May Aug. Dec. $4,000,000 175,000 6,000,000 1,500,000 32,350,000 5 Issued 500,000 shares of common stock at $8, receiving cash. 10 Issued 10,000 shares of preferred 1% stock at $60. 19 Purchased 50,000 shares of treasury common for $7 per share. 16 Sold 20,000 shares of treasury common for $9 per share. 25 Sold 5,000 shares of treasury common for $6 per share. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. 31 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. ASSETS CHART OF ACCOUNTS EJ Construction Inc. General Ledger 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 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 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 390 Income Summary 562 Depreciation Expense- Equipment 590 Miscellaneous Expense 710 Interest Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 4 5 6 7 8 co 9 10 11 12 13 14 15 16 17 18 DATE DESCRIPTION JOURNAL POST. REF. DEBIT PAGE 10 CREDIT
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Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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