Reference no: EM131211334
Trial Balance
Account Title Debit Credit
Cash 32,690
Accounts Receivable 14, 575
Allowance for Doubtful Accounts 1,570
Inventory 13,220
Supplies 1,675
Property, Plant & Equipment 57,000
Accumulated Depreciation 2,000
Accounts Payable 6,730
Notes Payable (due 12/31/18) 5,000
Retained Earnings 21,000
Common Stock ($1 par) 500
Additional Paid in Capital 49,000
Treasury Stock 0
Sales Revenue 57,360
Operating Expenses 24,500
Totals 142,660 143,660
Required:
1. On Dec. 29, 2014, issue 50 shares of $1 par common stock at $ 100 per share.
a) Record journal entry.
b) Show T - accounts.
2. Declare a $10,000 dividend on Dec. 31, 2014, to be paid on March 15, 2015, to stockholders of record as of Jan. 30 2015.
a) Record journal entry for declaration of dividend.
b) Show T - account
3. Purchased 20 shares of Treasury Stock @85.00 a share on Dec. 31, 2014.
a) Record journal entry for purchase of stock.
b) Show T - account.
4. Prepare a partial Balance Sheet on Dec. 31, 2014, showing Stockholders' Equity Section.
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