Paid-In Capital in Excess of Par?Preferred Stock175,000
Common Stock, $3 par (5,000,000 shares authorized, 2,000,000 shares issued)6,000,000
Paid-In Capital in Excess of Par?Common Stock1,500,000
During the year, the corporation completed a number of transactions affecting the?stockholders? equity. They are summarized as follows:
Jan.5Issued 500,000 shares of?common stock?at $8, receiving cash.
Feb.10?Issued 10,000 shares of preferred 1% stock at $60.
Mar.19Purchased 50,000 shares of treasury common for $7 per share.
May16 Sold 20,000 shares of treasury common for $9 per share.
Aug.25 Sold 5,000 shares of treasury common for $6 per share.
Dec.6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock.
31 Paid the cash dividends.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
EJ Construction Inc.
231Cash Dividends Payable
236Stock Dividends Distributable
261Mortgage Note Payable
312Paid-In Capital in Excess of Par-Common Stock
322Paid-In Capital in Excess of Par-Preferred Stock
331Paid-In Capital from Sale of Treasury Stock
510Cost of Merchandise Sold
515Credit Card Expense
536Office Supplies Expense
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