ACC 206 Week 1 P13-24A Summerborn Manufacturing, Co., completed the followin

ACC 206 Week 1 P13-24A Summerborn Manufacturing, Co., completed the following transactions during 2012   P13-24A Journalizing stockholders� equity transactions [20�25 min]   P13-24A Summerborn Manufacturing, Co., completed the following transactions during 2012:   Requirement Record the transactions in Summerborn's general journal.   SOLUTION PREVIEW   Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT 2009         Jan 16 Retained earnings   28,500                   Dividends payable, preferred                                   (900 � .05 x $100)     4,500                 Dividends payable, common                                   (80,000 � $.30)     24,000

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