Question

Journalize the entries: 7/1 - Purchased Store equipment on account for $105,000, to be depreciated using the straight-line method over 7 years. Assume $0 Residual Value. 7/15 - 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. 8/31 - Paid the cash dividends to the preferred stockholders. 9/12 - Sold, at $38 per share, 2,600 shares of treasury common stock purchased on May 17 9/19 - Issued a 60-day, 5%, $22,500 note to a customer 11/18 - The note issued on 9/19/21 was not collected, so the note was reclassified as Accounts Receivable, with accrued interest. 11/30 - Sold Office equipment for $5,000. The equipment originally cost $32,000 when it was purchased on January 1, 2017, had no residual value, and was being depreciated using the straight-line method over 5 years. 12/15 - Disposed of obsolete Store equipment having an original cost of $15,000. The equipment is fully depreciated.

          Journalize the entries:
7/1 - Purchased Store equipment on account for $105,000, to
be depreciated using the straight-line method over 7 years. Assume
$0 Residual Value.
7/15 - 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.
8/31 - Paid the cash dividends to the preferred
stockholders.
9/12 - Sold, at $38 per share, 2,600 shares of treasury
common stock purchased on May 17
9/19 - Issued a 60-day, 5%, $22,500 note to a customer
11/18 - The note issued on 9/19/21 was not collected, so
the note was reclassified as Accounts Receivable, with accrued
interest. 
11/30 - Sold Office equipment for $5,000. The equipment
originally cost $32,000 when it was purchased on January 1, 2017,
had no residual value, and was being depreciated using the
straight-line method over 5 years. 
12/15 - Disposed of obsolete Store equipment having an
original cost of $15,000.  The equipment is fully
depreciated.

Added by -Scar H.

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