HELP! I\'M LOST ON PART B! PLEASE HELP AS SOON AS POSSIBLE! THANK YOU! PART A I

Question

HELP! I'M LOST ON PART B! PLEASE HELP AS SOON AS POSSIBLE! THANK YOU!

PART A

I can't seem to take a screen shot of part A but here is a link that has the same answers I have for part A. Thank you!

http://www.chegg.com/homework-help/questions-and-answers/problem-4-part-need-help-problem-4-part-b--q24663971

CHART OF ACCOUNTS Equinox Products Inc.General Ledger

PART A

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows:

Record on journal page 10:

Record on journal page 11:

PART B

CHART OF ACCOUNTS Equinox Products, Inc.General Ledger

Labels

Current assets,Current liabilitiesDecember 31, 20Y8DividendsFor the Year Ended December 31, 20Y8Intangible assetsInvestmentsLong-term liabilitiesOperating expensesOther revenue and expensePaid-in capitalProperty, plant, and equipmentAmount DescriptionsAccounts receivable, netAvailable-for-sale investmentsChange in retained earningsExcess of issue price over parFrom sale of treasury stockGross profitIncome before income taxIncome from operationsMiscellaneous selling expenseNet incomeNet lossOffice buildings and equipment, net valuePaid-in capital, common stockPaid-in capital, preferred stockRetained earnings, January 1, 20Y8Retained earnings, December 31, 20Y8Sales commissionsSales salaries expenseStore buildings and equipment, net valueStore supplies expenseTotal administrative expensesTotal assetsTotal (before treasury stock)Total current assetsTotal current liabilitiesTotal liabilitiesTotal liabilities and stockholders’ equityTotal long-term liabilitiesTotal investmentsTotal operating expensesTotal paid-in capitalTotal property, plant, and equipmentTotal selling expensesTotal stockholders’ equity

ASSETS 110 Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 131 Inventory 132 Interest Receivable 133 Prepaid Expenses 181 Store Buildings and Equipment 182 Accumulated Depreciation-Store Buildings and Equipment 183 Office Buildings and Equipment 184 Accumulated Depreciation-Office Buildings and Equipment 191 Goodwill

Explanation / Answer

JOURNAL ENTRY Date Account titles and explanation Debit Credit Jan 3 Cash $450,000 Common stock $300,000 (20*15000) Paid-in Capital in Excess of Par-Common Stock $150,000 (30-20)*15000 (To record issue of 15000 common shares at$30 per share) Feb 15 Cash $400,000 Preferred stock $320,000 (80*4000) Paid-in Capital in Excess of Par-Preferred Stock $80,000 (100-80)*4000 (To record issue of 4000 preferred shares at$100 per share) May 1 Cash $        520,000 Bonds Payable $500,000 (5000*100) Premium on Bonds Payable $20,000 (5000*4) (To record issue of 5000 ,10 year 5% bonds (par value$100) at $104 each May 16 Cash Dividends $50,000 (0.5*100000) Cash Dividends payable $50,000 (To record declaration of dividends on common stock) May 16 Cash Dividends $20,000 ($1*20000) Cash Dividends payable $20,000 (To record declaration of dividends on preferred stock) May 26 Cash Dividends payable $50,000 Cash $50,000 (To record payment of dividends on common stock) May 26 Cash Dividends payable $20,000 Cash $20,000 (To record payment of dividends on preferred stock) June8 Treasury Stock $        264,000 (8000*33) Cash $     264,000 (To record purchase of 8000 treasury stockat $33 per share) June 30 Cash Dividends $20,000 ($1*20000) Cash Dividends payable $20,000 (To record declaration of dividends on preferred stock) July 11 Cash Dividends payable $20,000 Cash $20,000 (To record payment of dividends on preferred stock) Oct 7 Cash $          98,800 Treasury Stock $        85,800 Paid-in Capital from Sale of Treasury Stock $        13,000 (To record sell of 2600 Treasury stocks at $38 each) Oct 31 Interest Expense $11,500 Premium on Bonds Payable $1,000 (20000/20) Cash $12,500 (500000*0.05*(6/12)

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