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PLEASE READ: INSTRUCTIONS

1. Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries:
   1. For Account Names, use the Chart of Accounts to choose the appropriate Account Name. Accounts must be spelled exactly how they appear in the Chart to get credit.
   2. For Debit/Credit Amounts, use the following numeric format: 12345 (no dollar signs, no commas).
   3. If no journal entry is required, write NO for all Debit/Credit Accounts and Debit/Credit Amounts.
2. If there are multiple Debit or Credit lines in the same journal entry, the order for the Credit Accounts does not matter (I have adjusted the solutions to allow either order)

Chart of Accounts

Assets	Stockholders' Equity
Cash	Common Stock
Accounts Receivable	Additional Paid-in Capital
Inventory	Treasury Stock
Supplies	Dividends
Prepaid Rent
Equipment	Sales
Accumulated Depreciation	Cost of Goods Sold
Liabilities	Depreciation Expense
Accounts Payable	Interest Expense
Dividends Payable	Rent Expense
Notes Payable	Supplies Expense
Wages Payable	Wages Expense
Unearned Revenue	Utilities Expense

1. On June 1, Company ABC issues 60,000 shares of common stock to investors for $48 each. The common stock has a par value of $0.50.

Debit Account	Credit Account	Debit Amount	Credit Amount

2. On May 2, Company ABC declared dividends of $41,650 to be paid to shareholders.

Debit Account	Credit Account	Debit Amount	Credit Amount

3. On May 5, Company ABC repurchased 1,400 shares of its own stock back from the market for $39 each.

Debit Account	Credit Account	Debit Amount	Credit Amount

4. On May 10, Company ABC had their "date of record," to record which shareholders would receive the dividends.

Debit Account	Credit Account	Debit Amount	Credit Amount

5. On May 13, Company ABC paid the $41,650 dividends they had declared on May 2 in cash.

Debit Account	Credit Account	Debit Amount	Credit Amount

6. On August 25, Company ABC re-issued 550 of the shares it had repurchased on May 5 (it had purchased them for $39 each). It sold it for $55 per share. Note: re-issued means ABC sold the stock back to the market.

Debit Account	Credit Account	Debit Amount	Credit Amount

7. On August 30, Company ABC re-issued another 150 shares of stock it had repurchased on May 5 (it had purchased them for $39 each). It sold it for $29 per share. Note: re-issued means ABC sold the stock back to the market.

Debit Account	Credit Account	Debit Amount	Credit Amount

Flag question: Question 11

Question 116 pts

Use the journal entries from the previous question (Question 10). Fill in the Shareholders Equity section for the end of the year. Note that all the accounts start at $0. The company had Net Income of $874,500 for the year.

Use the following number format 12345 or -12345 (no commas, no dollar signs, no cents)

in $ amount	Dec 31, 2020
Stockholders' Equity:
Common Stock, $0.50 par value
Additional Paid-in Capital
Treasury Stock
Retained Earnings

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