THE QUESTION IS 100% ACCURATE THERE I NO FURTHER INFO AVAILABLE AND NOT EVEN NEEDED. IF YOU CANT SOLVE THEN LEAVE.
PENNYWORTH Corporation was organized on January 1, 2018. It is authorized to issue 19,000 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year.
| Jan. | 1 | Issued 86,000 common shares for cash at $3 per share. | |
| Mar. | 1 | Issued 12,700 preferred shares for cash at $51 per share. | |
| May | 1 | Issued 114,000 common shares for cash at $5 per share. | |
| Sept. | 1 | Issued 4,700 common shares for cash at $6 per share. | |
| Nov. | 1 | Issued 3,100 preferred shares for cash at $53 per share. | |
| Dec. | 1 | Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2019. | |
| Dec. | 31 | Reported net income of $126,000 for the year. |
Homework Answers
Journal Entries:
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1 | Cash | $258,000 | |
| Common Stock (86,000 shares * $3 per share) | $258,000 | ||
| (To record the issue of common stock for cash) | |||
| Mar. 1 | Cash | $647,700 | |
| Preferred Stock (12,700 shares * $51 per share) | $647,700 | ||
| (To record the issue of preferred stock for cash) | |||
| May. 1 | Cash | $570,000 | |
| Common Stock (114,000 shares * $5 per share) | $570,000 | ||
| (To record the issue of common stock for cash) | |||
| Sept. 1 | Cash | $28,200 | |
| Common Stock (4,700 shares * $6 per share) | $28,200 | ||
| (To record the issue of common stock for cash) | |||
| Nov. 1 | Cash | $164,300 | |
| Preferred Stock (3,100 shares * $53 per share) | $164,300 | ||
| (To record the issue of preferred stock for cash) | |||
| Dec. 1 | Preferred Dividends | ||
| Dividends Payable | |||
| (To record the declaration of preferred dividends) | |||
| Note - percentage of preferred dividends or dividend per share is are not given. | |||
| Dec. 31 | Income Summary | $126,000 | |
| Retained Earnings | $126,000 | ||
| (To close the net income to retained earnings) | |||
Add Answer to:
THE QUESTION IS 100% ACCURATE THERE I NO FURTHER INFO
AVAILABLE AND NOT EVEN NEEDED. IF...
Record the above transactions for 2018, including any entries required to close dividends declared and net...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
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