Assume Frelix Construction Ltd. completed the following selected transactions during the year 2014: Apr. 19 Declared a cash dividend on the $8.50 preferred shares (3,000
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Assume Frelix Construction Ltd. completed the following selected transactions during the year 2014:
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Apr. 19 Declared a cash dividend on the $8.50 preferred shares (3,000 shares outstanding). Declared a $2.00 per share dividend on the 100,000 common shares outstanding.
The date of record was May 2, and the payment date was May 25.
May 25 Paid the cash dividends.
Jun. 7 Split the company's 100,000 common shares 2 for 1; one new common share was issued for each old share held.
Jul. 29 Declared a 5-percent stock dividend on the common shares to holders of record on August 22, with distribution set for September 9. The market value was $36.00 per common share.
Sept. 9 Issued the stock dividend shares.
Nov. 26 Repurchased 5,000 of the company's own common shares at $40.00 per share.
They had an average issue price of $28.00 per share.
Required
Record the transactions in the general journal.
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General Journal DATE 2014 ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT Apr 19 Retained E... View full answer

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