Trial Balance

Account Title                                     Debit                Credit

Cash                                                32,690

Accounts Receivable                       14, 575

Allowance for Doubtful Accounts                              1,570

Inventory                                          13,220

Supplies                                           1,675

Property, Plant & Equipment            57,000

Accumulated Depreciation                                         2,000

Accounts Payable                                                      6,730

Notes Payable (due 12/31/18)                                   5,000

Retained Earnings                                                   21,000

Common Stock ($1 par)                                            500

Additional Paid in Capital                                        49,000

Treasury Stock                                      0

Sales Revenue                                                       57,360

Operating Expenses                         24,500

Totals                                                142,660         143,660

Required:

1. On Dec. 29, 2014, issue 50 shares of $1 par common stock at $ 100 per share.

a) Record journal entry.

b) Show T - accounts.

2. Declare a $10,000 dividend on Dec. 31, 2014, to be paid on March 15, 2015, to stockholders of record as of Jan. 30 2015.

a) Record journal entry for declaration of dividend.

b) Show T - account

3. Purchased 20 shares of Treasury Stock @85.00 a share on Dec. 31, 2014.

a) Record journal entry for purchase of stock.

b) Show T - account.

4. Prepare a partial Balance Sheet on Dec. 31, 2014, showing Stockholders' Equity Section.