Question

Angie’s Antiques Inc. is authorized to issue 100,000 shares of $100 par value, 5% cumulative preferred...

Angie’s Antiques Inc. is authorized to issue 100,000 shares of $100 par value, 5% cumulative preferred stocked and 100,000 shares of $1 par value common stock. See the following transactions that occurred during the year:

            Jan 18: Issued for cash 30,000 shares of common stock at $10 per share.

            Feb 14: Issued 4,000 shares of preferred stock for $400,000.

            Sept 20: Declared dividends on preferred stock of $5 per share.

            Dec 18: Paid cash dividend declared

Instructions:

Prepare journal entries for each transaction

Business   Accounting   
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Answer #1
Date General Journal Debit Credit
Jan 18 Cash 300000 =30000*10
     Common Stock 30000 =30000*1
     Paid in Capital in excess of par-Common Stock 270000
Feb 14 Cash 400000
     Preferred Stock 400000
Sept 20 Cash dividends / Retained Earnings 20000 =4000*5
      Cash dividends payable 20000
Dec 18 Cash dividends payable 20000
      Cash 20000
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