Instructions Willow Creek Nursery, with an authorization of 72,000 shares of preferred stock and 210,000 shares of commo

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Instructions Willow Creek Nursery With An Authorization Of 72 000 Shares Of Preferred Stock And 210 000 Shares Of Commo 1 (41.95 KiB) Viewed 16 times

Instructions Willow Creek Nursery, with an authorization of 72,000 shares of preferred stock and 210,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Journal 1 Cash 2 Land Willow Creek Nursery UNADJUSTED TRIAL BALANCE October 1, 20- ACCOUNT TITLE 3 Buildings 4 Preferred 1% Stock, $80 par 5 Paid-In Capital in Excess of Par-Preferred Stock 6 Common Stock, $30 par 7 Paid-In Capital in Excess of Par-Common Stock 8 Totals DEBIT 3,347,500.00 860,000.00 2,077,000.00 6,284,500.00 CREDIT 2,640,000.00 297,000.00 3,090,000.00 257,500.00 6,284,500.00 Journalize the two entries to record the transactions summarized in the trial balance. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount entered. 1 2 3 4 5 7 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS PAGE 1 LIABILITIES EQUITY