Assume one year later (2019) the company KY Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your first name initial. (Hint!!!! For example fist name Michael will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.)The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration:KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues ___ (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1.00 par value. The land has been appraised at a market value of ____ (Please refer to table below for land value under the category with your first name initial).First Name Initial# of shares issuedValue of land S, W, G, Z400,000$1,480,000 The company sold ___ (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1 par value.First Name Initial# of shares issued S, W, G, Z110,000 Issued ___ (please refer to table below and use only the info in line with your fist name initial) shares of $___ (please refer to table below and use only the info in line with your fist name initial) par value preferred stock. Shares were issued at par.First Name Initial# of shares issuedPar value S, W, G, Z24,000$14 Earned net income of $___ (please refer to table below and use only the info in line with your fist name initial).First Name InitialNet Income S, W, G, Z$1,000,000 Dividend declared and paid - $0.15 per share on common stock Dividend declared and paid - $5 per share on preferred stock Using the information above and as guided:Prepare the journal entries and closing entries for the above transaction Prepare the owner’s equity section of the balance sheet based on the info above.

Journal entries cite to the recording of daily business transactions initially in the books of…

Answered: Using the information above and as…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

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Assume one year later (2019) the company KY Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your first name initial. (Hint!!!! For example fist name Michael will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.)

The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration:

KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues ___ (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1.00 par value. The land has been appraised at a market value of ____ (Please refer to table below for land value under the category with your first name initial).

First Name Initial	# of shares issued	Value of land



S, W, G, Z	400,000	$1,480,000

The company sold ___ (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1 par value.

First Name Initial	# of shares issued



S, W, G, Z	110,000

Issued ___ (please refer to table below and use only the info in line with your fist name initial) shares of $___ (please refer to table below and use only the info in line with your fist name initial) par value preferred stock. Shares were issued at par.

First Name Initial	# of shares issued	Par value



S, W, G, Z	24,000	$14

Earned net income of $___ (please refer to table below and use only the info in line with your fist name initial).

First Name Initial	Net Income



S, W, G, Z	$1,000,000

Dividend declared and paid - $0.15 per share on common stock

Dividend declared and paid - $5 per share on preferred stock

Using the information above and as guided:

Prepare the journal entries and closing entries for the above transaction

Prepare the owner’s equity section of the balance sheet based on the info above.

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Using the information above and as guided: Prepare the journal entries and closing entries for the above transaction Prepare the owner’s equity section of the balance sheet based on the info above.