Choctaw Company completed the following transactions in Year 1, the first year of operation: ...
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Choctaw Company completed the following transactions in Year the first year of operation: Issued shares of $ par common stock for $ per share. Issued shares of $ stated value preferred stock for $ per share. Purchased shares of common stock as treasury stock for $ per share. Declared a $ cash dividend on preferred stock. Sold shares of treasury stock for $ per share. Paid $ cash for the preferred dividend declared in Event Earned cash revenues of $ and incurred cash expenses of $ Closed revenue, expense, and dividend accounts to the retained earnings account. Appropriated $ of retained earnings. Required a Prepare journal entries to record these transactions. a Post the entries to Taccounts. b Prepare a balance sheet as of December Year
Choctaw Company completed the following transactions in Year the first year of operation:
Issued shares of $ par common stock for $ per share.
Issued shares of $ stated value preferred stock for $ per share.
Purchased shares of common stock as treasury stock for $ per share.
Declared a $ cash dividend on preferred stock.
Sold shares of treasury stock for $ per share.
Paid $ cash for the preferred dividend declared in Event
Earned cash revenues of $ and incurred cash expenses of $
Closed revenue, expense, and dividend accounts to the retained earnings account.
Appropriated $ of retained earnings.
Required
a Prepare journal entries to record these transactions.
a Post the entries to Taccounts.
b Prepare a balance sheet as of December Year
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