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National Companies, reported the following occount balances on January 1 . The company entered into the following transactions during the year. January 15 Issued 12, 600 shares of \$1 par comon stock for $64,000 cash. January 31 collected $3,000 from custoners on account. February 15 Reacquired 3,140 shares of \$1 par comon stock into treasury for $34,540 cash. March 15 Reissued 2,140 shares of treasury stock for $25,540 cash. September 15 Declared (but shares of treasury stock for 44,690 cash. October 1 Issued 100 , 10-yeot yet pay) a $1 cash dividend on each outstanding share of conmon stock. October 3 Wrote off $10year,$1,080 bonds, at a quoted bond price of 101. Decenber 29 Recorded 5244,500 balance due from a custoeer who went bankrupt. Decenber 30 Paid $214,049,000 of service revenue, all of which was collected in cash. Deceaber 31 Calculated $10, 0e0 of this year's wages through Decenber 31. (Ignore payroll taxes and payrol1 deductions.) taxes.) Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations, If no entry is required for a transaction/event, sefect "No foumal entry required" in the fidt account field. Journal entry worksheet (1) (2) (4) (5) (7) (8) Deciared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for Dividends. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 2 7 8 Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction. Note: Enter debits before credits. Use the dropdowns to select the accounts properly included on the classified balance The company entered into the following transactions during the year. January 15 Issued 12,000 shares of $1 par common stock for $64,600 cash. January 31 collected $3,000 from customers on account. February 15 Reacquired 3,140 shares of $1 par common stock into treasury for $34,540 cash. March 15 Reissued 2,140 shares of treasury stock for $25,540 cash. August 15 Reissued 609 shares of treasury stock for $4,609 cash. Septenber 15 Declared (but did not yet pay) a \$1 cash dividend on each outstanding share of common stock. October 1 Issued 10,10-year, $1,080 bonds, at a quoted bond price of 101 . October 3 Wrote off a $1,500 balance due froe a customer who went bankrupt. December 29 Recorded $244,000 of service revenue, all of which was collected in cash. Deceeber 30 Paid $214,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions. December 31 Calculated $10,690 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest an taxes.) Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.) National Companies, reported the following occount balances on January 1 . The company entered into the following transactions during the year. January 15 Issued 12, 600 shares of \$1 par comon stock for $64,000 cash. January 31 collected $3,000 from custoners on account. February 15 Reacquired 3,140 shares of \$1 par comon stock into treasury for $34,540 cash. March 15 Reissued 2,140 shares of treasury stock for $25,540 cash. September 15 Declared (but shares of treasury stock for 44,690 cash. October 1 Issued 100 , 10-yeot yet pay) a $1 cash dividend on each outstanding share of conmon stock. October 3 Wrote off $10year,$1,080 bonds, at a quoted bond price of 101. Decenber 29 Recorded 5244,500 balance due from a custoeer who went bankrupt. Decenber 30 Paid $214,049,000 of service revenue, all of which was collected in cash. Deceaber 31 Calculated $10, 0e0 of this year's wages through Decenber 31. (Ignore payroll taxes and payrol1 deductions.) taxes.) Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations, If no entry is required for a transaction/event, sefect "No foumal entry required" in the fidt account field. Journal entry worksheet (1) (2) (4) (5) (7) (8) Deciared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction. Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for Dividends. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 2 7 8 Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction. Note: Enter debits before credits. Use the dropdowns to select the accounts properly included on the classified balance The company entered into the following transactions during the year. January 15 Issued 12,000 shares of $1 par common stock for $64,600 cash. January 31 collected $3,000 from customers on account. February 15 Reacquired 3,140 shares of $1 par common stock into treasury for $34,540 cash. March 15 Reissued 2,140 shares of treasury stock for $25,540 cash. August 15 Reissued 609 shares of treasury stock for $4,609 cash. Septenber 15 Declared (but did not yet pay) a \$1 cash dividend on each outstanding share of common stock. October 1 Issued 10,10-year, $1,080 bonds, at a quoted bond price of 101 . October 3 Wrote off a $1,500 balance due froe a customer who went bankrupt. December 29 Recorded $244,000 of service revenue, all of which was collected in cash. Deceeber 30 Paid $214,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions. December 31 Calculated $10,690 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest an taxes.) Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.)

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