Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit Cash fill in the blank 2 fill in the blank 3 Common Stock fill in the blank 5 fill in the blank 6 Paid-In Capital in Excess of Par-Common Stock fill in the blank 8 fill in the blank 9 b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Description Debit Credit fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize the common stock and the preferred stock entries separately. Description Debit Credit fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 Common stock fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 Preferred stock e. Paid the cash dividends declared in (d). Description Debit Credit fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 f. Purchased 8,000 shares of treasury common stock at $33 per share. Description Debit Credit fill in the blank 47 fill in the blank 48 fill in the blank 50 fill in the blank 51 g. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Description Debit Credit fill in the blank 53 fill in the blank 54 fill in the blank 56 fill in the blank 57 h. Paid the cash dividends to the preferred stockholders. Description Debit Credit fill in the blank 59 fill in the blank 60 fill in the blank 62 fill in the blank 63 i. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (f). Description Debit Credit fill in the blank 65 fill in the blank 66 fill in the blank 68 fill in the blank 69 fill in the blank 71 fill in the blank 72 j. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Description Debit Credit fill in the blank 74 fill in the blank 75 fill in the blank 77 fill in the blank 78 fill in the blank 80 fill in the blank 81

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit Cash fill in the blank 2 fill in the blank 3 Common Stock fill in the blank 5 fill in the blank 6 Paid-In Capital in Excess of Par-Common Stock fill in the blank 8 fill in the blank 9 b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Description Debit Credit fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize the common stock and the preferred stock entries separately. Description Debit Credit fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 Common stock fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 Preferred stock e. Paid the cash dividends declared in (d). Description Debit Credit fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 f. Purchased 8,000 shares of treasury common stock at $33 per share. Description Debit Credit fill in the blank 47 fill in the blank 48 fill in the blank 50 fill in the blank 51 g. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Description Debit Credit fill in the blank 53 fill in the blank 54 fill in the blank 56 fill in the blank 57 h. Paid the cash dividends to the preferred stockholders. Description Debit Credit fill in the blank 59 fill in the blank 60 fill in the blank 62 fill in the blank 63 i. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (f). Description Debit Credit fill in the blank 65 fill in the blank 66 fill in the blank 68 fill in the blank 69 fill in the blank 71 fill in the blank 72 j. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Description Debit Credit fill in the blank 74 fill in the blank 75 fill in the blank 77 fill in the blank 78 fill in the blank 80 fill in the blank 81

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 5PA: Multiple-step income statement and balance sheet The following selected accounts and their current...

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Comprehensive Problem 4
Part 1:

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows:

1. Journalize the selected transactions.

If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.

Description	Debit	Credit
Cash	fill in the blank 2	fill in the blank 3
Common Stock	fill in the blank 5	fill in the blank 6
Paid-In Capital in Excess of Par-Common Stock	fill in the blank 8	fill in the blank 9

b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.

Description	Debit	Credit
	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18

c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.

Description	Debit	Credit
	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24
	fill in the blank 26	fill in the blank 27

d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize the common stock and the preferred stock entries separately.

Description	Debit	Credit
	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33
Common stock

	fill in the blank 35	fill in the blank 36
	fill in the blank 38	fill in the blank 39
Preferred stock

e. Paid the cash dividends declared in (d).

Description	Debit	Credit
	fill in the blank 41	fill in the blank 42
	fill in the blank 44	fill in the blank 45

f. Purchased 8,000 shares of treasury common stock at $33 per share.

Description	Debit	Credit
	fill in the blank 47	fill in the blank 48
	fill in the blank 50	fill in the blank 51

g. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued.

Description	Debit	Credit
	fill in the blank 53	fill in the blank 54
	fill in the blank 56	fill in the blank 57

h. Paid the cash dividends to the preferred stockholders.

Description	Debit	Credit
	fill in the blank 59	fill in the blank 60
	fill in the blank 62	fill in the blank 63

i. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (f).

Description	Debit	Credit
	fill in the blank 65	fill in the blank 66
	fill in the blank 68	fill in the blank 69
	fill in the blank 71	fill in the blank 72

j. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method.

Description	Debit	Credit
	fill in the blank 74	fill in the blank 75
	fill in the blank 77	fill in the blank 78
	fill in the blank 80	fill in the blank 81

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