J & J Corporation shows the following selected accounts in their ledger on March 1 of the current fiscal year. During th

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J J Corporation Shows The Following Selected Accounts In Their Ledger On March 1 Of The Current Fiscal Year During Th 1 (23.91 KiB) Viewed 100 times

J & J Corporation shows the following selected accounts in their ledger on March 1 of the current fiscal year. During the year, the corporation completed the following transactions affecting the stockholder's equity. 1. Sold 20,000 shares of preferred 2% stock at $68. 2. Purchased 90,000 shares of treasury common at $10 per share. 3. Sold 20,000 shares of treasury common at $12. 4. Declared cash dividends of $0.80 per share on preferred stock and $0.25 per share on common stock. 5. Paid the cash dividends. INSTRUCTIONS: Journalize the entries to record the transactions. Identify each entry by letter