Question: need help on the acount balances. it would be very helpful if someone put the equations on how you got the total. thank you so
UN 2 4 6 8 10 11 12 13 Exer 2 - Record the following in the general journal: 3/1. Your Co. issued 800 shares of preferred stock ($1 per share par value ) and received a total of $6400. 5/8- Your Co, issued 4000 shares of common stock ($2 per share par value) and received a total of $100000. 7/5. Your Co. declared a dividend of $0.5 per share on its $2 per share par value common stock. It issued 40000 shares, authorized 120000,& 20000 shares are outstanding. 9/8- Your Co. purchased back 600 shares of its own common stock (par value of $2 per share) paying a total of $18000. 12/1 - Your Co. paid $7200 in dividends declared last year. General Journal Date Account/Explanation PR Debit Credit 3717202X Cash 6,400 Preferred Stock 800 Paid in Capital Excess Par-Preferred 5,600 (issue 800 shares preferred stock) 14 100,000 5787202X Cash Common Stock Paid in Capital Excess Par-Common (Issue 4000 shares common stock) 8,000 92,000 7/5/202X Retained Earnings Dividends Payable X X 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 (Declare $0.50 per share dividend) 978/202X Treasury Stock Cash XX (Purchase back Your Co stock) 12/1/202X Dividends Payable Cash X X (Pay dividends) 36 37
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
