After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie...

  
 

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After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work After establishing their company's fiscal year-end to be October 31, Natalie and Curtis begin operating Cookie & Coffee Creations Inc. on November 1, 2020. On that date, after the issuance of shares, the paid-in capital section of the company's balance sheet is as follows. Paid-in capita Preterred stock, $0.50 nancumuletive, no par value. 10,000 shares authorized, 2,000 isaued Commen stock, no par velue, 100,000 shares authorized, 25,930 iusued 25,930 Cookie & Coffee Creations then has the following selected transactions during its first year of operations. Dec. 1 Issues an additional 800 preferred shares to Natalie's brother for $4,000. Apr. 30 Declares a semiannual dividend to the preferred stockholders of record on May 15, payable on June 1. are 30 Repurchases 750 shares of common stock issued to the lawyer, for $500. Recall that these were originally issued for $750. The lawyer had decided to retire and wanted to liquidate all of her assets. Oct. 31 The company has had a very successful first year of operations. It earned revenues of $462,500 and incurred operating expenses of $370,000 (including $750 legal fee, but excluding income tax). 31 Records income tax expense. (The company has a 20% income tax rate.) 31 Declares a semiannual dividend to the preferred stockholders of record on November 15, payable on December 1. Your answer is partially correct. Try again. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order displayed in the problem statement.) Aeceant Tien andpt Cred Dute De Cah .000 Pretened Stoc Cauh Dividends Dividends Payae Ane 30 oividends Paye Cash June Cash Dividends 462.50 42.so0 ncome ta Expense reeme Tares Pa 1500 (To record income tax expense) Ot 31 h Dividends Dividends Paabie e recerd ovidend deciared) 2 Your answer is partially correct. Try again. Prepare the statement of retained earnings for the year. (List items that increase retained earnings first. If answer is zero, please enter 0, do not leave any field blank.) COOKJE A COFFEE CREATIONS INC. Statemetf Hetaied Farnings Month Ended October 31, 2021 Balance, October 31, 2021 Add Net Income/ (Los) 74,000 74,000 Les Cash Drvidends-Pretened 1,400 Balance, October 31, 2021 72,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet as of October 31, 2021. (Enter account name only and do not provide descriptive information.) COOKIE & COFFEE CREATIONS INC. Partial Balance Sheet Month Ended October 31, 2021 Stockholders' Equity Stockholders Equity 14,000 29,10 Retained Earnings 72,600 Less Treasury Stock Tutar Stockholders Eouity 112,530 SHOW LIST OF ACCCOUNTS Your answer is partially correct. Try again. Prepare closing entries. (Use Operating Expenses and Income Tax Expense as the only expense accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit Sales Revenue 462,500 Oct. 31 Income Summary 462,500 (To close revenue account) Oct. 31 Income Summary 370,000 Operating Expenses 369,250 Income Tax Expense 750 (To close expense accounts) Oct. 31 Retained Earnings 1,400 Dividends Payable 1,400 (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work

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a Journal Entries of Cookie Coffee Creations Inc Date Accounting titles Debit Credit Dec 1 Cash acco... View the full answer