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 shares outstanding) Declared a $2 00 per share dividend on the 100,000 common shares outstanding The date of record was May 2, and t...

General Journal DATE 2014 ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT Apr 19 Retained E ...

Assume Frelix Construction Ltd. completed the following selected transactions during the year 2014: Apr. 19 Declared a

Question:

Assume Frelix Construction Ltd. completed the following selected transactions during the year 2014:
Apr. 19 Declared a cash on the $8.50 preferred shares (3,000 shares outstanding). Declared a $2.00 per share 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 on the common shares to holders of record on August 22, with set for September 9. The market value was $36.00 per common share.
Sept. 9 Issued the stock 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.
Distribution
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A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...