Dingo Corporation was organized in January to operate a pet goods and grooming services business. The charter issued by

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Dingo Corporation Was Organized In January To Operate A Pet Goods And Grooming Services Business The Charter Issued By 1 (34.64 KiB) Viewed 16 times

Dingo Corporation was organized in January to operate a pet goods and grooming services business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $100 par value, 6 percent, 50,000 shares. Required: 1) Complete the journal entries for each of the following transactions that occurred during the year: a) Collected $256,000 cash and issued 16,000 shares of common stock. b) Issued 8,000 shares of preferred stock at $125 per share; collected in cash. c) Repurchased 1,200 shares of common stock for $20 per share. d) Cash dividends were declared in the amount of $60,000. e) Paid the cash dividend. 2) Complete the journal entries : An airline collected $100,000 in 2020 for sales of tickets for future flights. The airline will complete 40% of the flights related to the ticket sals in 2020. The remaining tickets will complete in 2021. Required: Prepare the journal entry to record the sale of the tickets in 2020.