1/2/21 Issued 15,000 shares of $20 par common stock at $30, receiving cash. 1/2/21 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. 1/2/21 Issued $500,000 of 10-year,5% bonds at 104, with interest payable semiannually. Issued a 180-day, 5%, $50,000 note to a customer. The note was repaid in full including interest on the due date. 3/14/21 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 4/1/21 Paid the cash dividends declared in (d). Purchased 8,000 shares of treasury common stock at $33 per share. 5/15/21 5/17/21 Purchased Store equipment on account for $105,000, to be depreciated using the straight- line method over 7 years. Assume $0 Residual Value. 7/1/21 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Paid the cash dividends to the preferred stockholders. 7/15/21 8/31/21 Collected the Note issue on March 14 9/10/21 9/12/21 Sold, at $38 per share,2,600 shares of treasury common stock purchased May 9/19/21 Issued a 60-day, 5%, $22,500 note to a customer The note issued on 9/19/21 was not collected, so the note was reclassified as Accounts 11/18/21 Receivable, with accrued interest. Sold Office equipment for $5,000. The equipment originally cost $32,000 when it was purchased on January 1,2017,had no residualvalue, and was being depreciated using the straight-line method over 5 years. 11/30/21 Disposed of obsolete Store equipment having an original cost of $15,000. The equipment is fully depreciated. 12/15/21
1/2/21 Issued 15,000 shares of $20 par common stock at $30, receiving cash. 1/2/21 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. 1/2/21 Issued $500,000 of 10-year,5% bonds at 104, with interest payable semiannually. Issued a 180-day, 5%, $50,000 note to a customer. The note was repaid in full including interest on the due date. 3/14/21 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 4/1/21 Paid the cash dividends declared in (d). Purchased 8,000 shares of treasury common stock at $33 per share. 5/15/21 5/17/21 Purchased Store equipment on account for $105,000, to be depreciated using the straight- line method over 7 years. Assume $0 Residual Value. 7/1/21 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Paid the cash dividends to the preferred stockholders. 7/15/21 8/31/21 Collected the Note issue on March 14 9/10/21 9/12/21 Sold, at $38 per share,2,600 shares of treasury common stock purchased May 9/19/21 Issued a 60-day, 5%, $22,500 note to a customer The note issued on 9/19/21 was not collected, so the note was reclassified as Accounts 11/18/21 Receivable, with accrued interest. Sold Office equipment for $5,000. The equipment originally cost $32,000 when it was purchased on January 1,2017,had no residualvalue, and was being depreciated using the straight-line method over 5 years. 11/30/21 Disposed of obsolete Store equipment having an original cost of $15,000. The equipment is fully depreciated. 12/15/21
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 5DQ: Arrange the following steps in the posting process in correct order: a. Write the ledger account...
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Journalize the transactions on the "
The journal must have date, description, credit and debit.
Also must be a total of 64 journal entries.
And must find the total.
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