Question

KHART OF ACCOUNTS Canyon Ferry Boating Comoration General Leder ASSETS EQUITY 110 ch 311 Common Stark 120 Accounts Receivable 312 Paid-in Capital in Excess of Par-Common Stock 131 Notes Receivable 315 Treasury Stock 152 Interest Receivable 321 Preferred Stock 141 Merchandise inventory 322 Paid-in Capital in Excess of Par-Preferred Stock 145 Ofice Supplies 331 Paid-in Capital from Sale of Treasury Stock 151 Prepaid Insurance 340 Ratained Eamings 181 Land 350 Stock Diridende Distributable 193 Equipment 351 Cash Dividends 194 Accumulated Depreciation Equipment 352 3lock Dividerad LIABILITIES 390 Income Summary 210 Accounts Payable REVENUE 221 Notes Payable 410 Sales 226 Interest Payable 610 Interest Revenue 231 Cash Dividends Fayable EXTENSES 241 Salaries Payable 510 Cost of Merchandise Sold 261 Mertgage Nole Payable 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delirery Experse 538 Selling Expanses 534 Rent Fixpense 535 Inswance Expense 536 Office Supplies Exsense 537 Organizational Expenses 56. Depreciation Expense-Equpment 590 Miscellaecus Expanse 710 Interest Expense

Answer 1

Account title and explanation Debit Credit Date Jan. 8 No entry 46,660 Apr. 30 Cash dividend Cash dividend payable 46,660 Jul. 1 46,660 Cash dividend payable Cash 46,660 32,890 Oct. 31 Cash dividend Cash dividend payable 32,890 168,300 Stock dividend (153,000 x 2% x $55) Stock dividend distributable (153,000 x 2% x $35) Paid in capital in excess of par-Common stock 107,100 61,200 32,890 Dec. 31 Cash dividend payable Cash 32,890 107,100 Stock dividend distributable Common stock 107,100

Working note:

Apr. 30:
Dividend for preferred stock (20,000 x $0.65)	13,000
Dividend for common stock (153,000 x $0.22)	33,660
Total cash dividend	46,660
Oct. 31
Dividend for preferred stock (20,000 x $0.65)	13,000
Dividend for common stock (153,000 x $0.13)	19,890
Total cash dividend	32,890