Accounting Ledger Problem.
Need help with my Accounting question – I’m studying for my class.
Details are in the file. Financial accounting problems
During 2022, the following transactions occurred.
|1.||On January 1, Bramble issued 840 shares of $40 par, 7% preferred stock for $34,440.|
|2.||On January 1, Bramble also issued 630 shares of the $10 par value common stock for $14,700.|
|3.||Bramble performed services for $224,000 on account.|
|4.||On April 1, 2022, Bramble collected fees of $25,200 in advance for services to be performed from April 1, 2022, to March 31, 2023.|
|5.||Bramble collected $193,200 from customers on account.|
|6.||Bramble bought $24,570 of supplies on account.|
|7.||Bramble paid $22,540 on accounts payable.|
|8.||Bramble reacquired 280 shares of its common stock on June 1 for $28 per share.|
|9.||Paid other operating expenses of $131,740.|
|10.||On December 31, 2022, Bramble declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023.|
|11.||An account receivable of $1,190 which originated in 2022 is written off as uncollectible.|