On January 31, Wilderness Resorts Inc. reacquired 24,300 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,900 of the reacquired shares at $41 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share.Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Wilderness Resorts Inc.General Ledger ASSETS110Cash120Accounts Receivable131Notes Receivable132Interest Receivable141Merchandise Inventory145Office Supplies151Prepaid Insurance181Land193Equipment194Accumulated Depreciation-Equipment LIABILITIES210Accounts Payable221Notes Payable226Interest Payable231Cash Dividends Payable236Stock Dividends Distributable241Salaries Payable261Mortgage Note Payable EQUITY311Common Stock312Paid-In Capital in Excess of Par-Common Stock315Treasury Stock321Preferred Stock322Paid-In Capital in Excess of Par-Preferred Stock331Paid-In Capital from Sale of Treasury Stock340Retained Earnings351Cash Dividends352Stock Dividends390Income Summary REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold515Credit Card Expense520Salaries Expense531Advertising Expense532Delivery Expense533Selling Expenses534Rent Expense535Insurance Expense536Office Supplies Expense537Organizational Expenses562Depreciation Expense-Equipment590Miscellaneous Expense710Interest Expense JournalJOURNALACCOUNTING FOUATIONASSETSDATEDESCRIPTIONPOST, REF.DEBITCREDITLIABILITIESEQUITY1234578

Journal entries are prepared to record the financial and non-financial transactions of the business…

Answered: On January 31, Wilderness Resorts Inc.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 31, Wilderness Resorts Inc. reacquired 24,300 shares of its common stock at $31 per share. On April 20, Wilderness Resorts sold 14,900 of the reacquired shares at $41 per share. On October 4, Wilderness Resorts sold the remaining shares at $29 per share.

Journalize the transactions of January 31, April 20, and October 4. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS Wilderness Resorts Inc.General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
311	Common Stock
312	Paid-In Capital in Excess of Par-Common Stock
315	Treasury Stock
321	Preferred Stock
322	Paid-In Capital in Excess of Par-Preferred Stock
331	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense

Journal
JOURNAL
ACCOUNTING FOUATION
ASSETS
DATE
DESCRIPTION
POST, REF.
DEBIT
CREDIT
LIABILITIES
EQUITY
1
2
3
4
5
7
8

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