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The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                                                                                 Brief Exercise 215 Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               
The stockholders’ equity section of Patrick Corporation’s balance sheet at December 31 is presented here:PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000 From a review of the stockholders’ equity section, answer the following questions.    How many shares of common stock are outstanding? Outstanding shares shares                                               

PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000
PATRICK CORPORATIONBalance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders’ equity $7,926,000
PATRICK CORPORATIONBalance Sheet (partial)
PATRICK CORPORATIONBalance Sheet (partial)

Stockholders’ equity
Stockholders’ equity
Paid-in capital
Paid-in capital
Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding $600,000
Preferred stock, cumulative, 10,000 shares authorized,    6,000 shares issued and outstanding

$600,000
Common stock, no par, 750,000 shares authorized,    600,000 shares issued 6,000,000
Common stock, no par, 750,000 shares authorized,    600,000 shares issued

6,000,000

Total paid-in capital 6,600,000
Total paid-in capital
6,600,000
Retained earnings 1,358,000
Retained earnings
1,358,000

Total paid-in capital and retained earniings 7,958,000
Total paid-in capital and retained earniings
7,958,000
Less: Treasury stock (4,000 common shares) (32,000 )
Less: Treasury stock (4,000 common shares)
(32,000
)
Total stockholders’ equity $7,926,000
Total stockholders’ equity
$7,926,000

   How many shares of common stock are outstanding?

Outstanding shares shares
Outstanding shares shares
Outstanding shares shares
Outstanding shares shares
Outstanding shares shares
Outstanding shares shares
Outstanding shares shares
Outstanding shares
shares
shares

                                                
                                                
                                                

                                                
                                                
                                                
                                                
                                                
                                                
                                                
                                                
                                                

Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015.
Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015.
Jan. 15 Issued 700,000 shares of stock at $7 per share.
Jan. 15
Issued 700,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share.
Sept. 5
Purchased 20,000 shares of common stock for the treasury at $8 per share.
Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015.
Dec. 6
Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015.

(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
Date Account Titles and Explanation Debit Credit  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6  Jan. 15Sept. 5Dec. 6
Date Account Titles and Explanation Debit Credit
Date
Account Titles and Explanation
Debit
Credit
 Jan. 15Sept. 5Dec. 6
 Jan. 15Sept. 5Dec. 6

 Jan. 15Sept. 5Dec. 6
 Jan. 15Sept. 5Dec. 6

 Jan. 15Sept. 5Dec. 6
 Jan. 15Sept. 5Dec. 6

1.
Expenditures that maintain the operating efficiency and expected productive life of a plant asset are generally

not recorded until they become material in amount.
not recorded until they become material in amount.
not recorded until they become material in amount.

not recorded until they become material in amount.
not recorded until they become material in amount.
expensed when incurred.
expensed when incurred.
expensed when incurred.

expensed when incurred.
expensed when incurred.
capitalized as a part of the cost of the asset.
capitalized as a part of the cost of the asset.
capitalized as a part of the cost of the asset.

capitalized as a part of the cost of the asset.
capitalized as a part of the cost of the asset.
debited to the Accumulated Depreciation account
debited to the Accumulated Depreciation account
debited to the Accumulated Depreciation account

debited to the Accumulated Depreciation account
debited to the Accumulated Depreciation account

2.
Mohling Company typically sells subscriptions on an annual basis, and publishes eight times a year. The magazine sells 45,000 subscriptions in January at $10 each. What entry is made in January to record the sale of the subscriptions?

Subscriptions Receivable 450,000   Subscription Revenue   450,000
Subscriptions Receivable 450,000   Subscription Revenue   450,000
Subscriptions Receivable 450,000   Subscription Revenue   450,000

Subscriptions Receivable 450,000   Subscription Revenue   450,000
Subscriptions Receivable 450,000   Subscription Revenue   450,000
Subscriptions Receivable 450,000   Subscription Revenue   450,000
Subscriptions Receivable 450,000  
Subscriptions Receivable
450,000
 
Subscription Revenue   450,000
Subscription Revenue
 
450,000
Cash 450,000   Unearned Subscription Revenue   450,000
Cash 450,000   Unearned Subscription Revenue   450,000
Cash 450,000   Unearned Subscription Revenue   450,000

Cash 450,000   Unearned Subscription Revenue   450,000
Cash 450,000   Unearned Subscription Revenue   450,000
Cash 450,000   Unearned Subscription Revenue   450,000
Cash 450,000  
Cash
450,000
 
Unearned Subscription Revenue   450,000
Unearned Subscription Revenue
 
450,000
Subscriptions Receivable 56,250   Unearned Subscription Revenue   56,250
Subscriptions Receivable 56,250   Unearned Subscription Revenue   56,250
Subscriptions Receivable 56,250   Unearned Subscription Revenue   56,250

Subscriptions Receivable 56,250   Unearned Subscription Revenue   56,250
Subscriptions Receivable 56,250   Unearned Subscription Revenue   56,250
Subscriptions Receivable 56,250   Unearned Subscription Revenue   56,250
Subscriptions Receivable 56,250  
Subscriptions Receivable
56,250
 
Unearned Subscription Revenue   56,250
Unearned Subscription Revenue
 
56,250
Prepaid Subscriptions 450,000   Cash   450,000
Prepaid Subscriptions 450,000   Cash   450,000
Prepaid Subscriptions 450,000   Cash   450,000

Prepaid Subscriptions 450,000   Cash   450,000
Prepaid Subscriptions 450,000   Cash   450,000
Prepaid Subscriptions 450,000   Cash   450,000
Prepaid Subscriptions 450,000  
Prepaid Subscriptions
450,000
 
Cash   450,000
Cash
 
450,000
450,000

3.

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