b) Please solve and show your work for both part a) & b) On May 1, Ceradyne Corp

Question

b)

Please solve and show your work for both part a) & b)

On May 1, Ceradyne Corporation incorporated and authorized 193,000 preferred shares and an unlimited number of common shares. On May 2, Ceradyne issued 2,100 common shares for $16 per share. On June 15, it issued an additional 1,100 common shares for $17 per share. On November 1, Ceradyne issued 160 preferred shares for $29 per share. On December 15, it issued an additional 160 preferred shares for $33 per share. ? (a) Record the share transactions. (credit account titles are automatically indented when the amount is entered. required, select "No Entry" for the account titles and enter o for the amounts.) not indent manually ino enty S Date Account Titles and Explanation Debit Credit

Explanation / Answer

beib A.

May 2 Share Application A/c. Dr. 33600

To share capital A/c. 33600

Being 2100 Shares has been issued at par value of 16

June 15 Share Application. A/c. Dr. 18700

To share capital A/c. 18700

Being 1100 Shares has been issued at par value of 17

Nov 1 share application a/c Dr 4640

To preference share A/c. 4640

Being 160 preference Shares has been issued at par value of 23

Dec 15. Share Application. a/c. Dr 5280

To preference share A/c. 5280

B.November 15 Retained Earnings A/c Dr 12900

To dividends payable. a/c. 12900

Being the dividends declared

December 31 Dividends payable A/c. Dr 12900

To cash A/c. 12900

Being cash dividend payed

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