Answer Happy

Instructions: Complete the journal entries for the following events. Enter numbers without any format (e.g., 62500; 1800). 1. Issued 7,000 shares of no-par common stock. The market price of the stock is $12 per shar Account Debit Credit Cash Common Stock 2. Issued 3,000 shares of 5%, $100 par, cumulative preferred stock for $122 per share. Account Debit Credit Cash Preferred Stock (PS) Paid-in-Capital in Excess of Par PS 3. Declared dividends on preferred dividend of 5% per share. Account Debit Cash Dividends 1. 2. 3. Dividends Payable Credit
4. Purchased 500 shares of common stock at $14 for treasury. Account Debit Treasury Stock Cash 5. Paid preferred dividend declared in #3. Account Dividends Payable Cash 4. 5. Debit Credit Credit