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(Solved by Expert Tutors) The following selected accounts appear in the ledger of EJ Construction


fiscal year:

Preferred?1%?Stock,?$50?par?(100,000?shares?authorized,?80,000?shares?issued)$4,000,000

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

Retained Earnings32,350,000

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.

ASSETS

110Cash

120Accounts Receivable

131Notes Receivable

132Interest Receivable

141Merchandise Inventory

145Office Supplies

151Prepaid Insurance

181Land

193Equipment

194Accumulated Depreciation-Equipment

LIABILITIES

210Accounts Payable

221Notes Payable

226Interest Payable

231Cash Dividends Payable

236Stock Dividends Distributable

241Salaries Payable

261Mortgage Note Payable

EQUITY

311Common Stock

312Paid-In Capital in Excess of Par-Common Stock

315Treasury Stock

321Preferred Stock

322Paid-In Capital in Excess of Par-Preferred Stock

331Paid-In Capital from Sale of Treasury Stock

340Retained Earnings

351Cash Dividends

352Stock Dividends

390Income Summary

REVENUE

410Sales

610Interest Revenue

EXPENSES

510Cost of Merchandise Sold

515Credit Card Expense

520Salaries Expense

531Advertising Expense

532Delivery Expense

533Selling Expenses

534Rent Expense

535Insurance Expense

536Office Supplies Expense

537Organizational Expenses

562Depreciation Expense-Equipment

590Miscellaneous Expense

710Interest Expense

 


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DATE ANSWERED

Apr 19, 2020

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