Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Ralston Sports Corporation completed the following selected transactions during 2016: oestion Help * Ralston Sports Corporation completed the following selected transactions during 2016 (Click

4. Ralston Sports Corporation completed the following selected transactions during 2016:
image text in transcribed
image text in transcribed
image text in transcribed
oestion Help * Ralston Sports Corporation completed the following selected transactions during 2016 (Click the loon to view the transactions. 1. Record the transacions in the journal. (Record debits first, then credits Exclude explanations from any journal entries if no journal entry is requred select "No entry seener on Accounts column and leave all other cels blank) fest lin* of the Jan 6: Declared a cash dividend on the 10,000 shares of $3.00, no-par prefemred stock outstanding. Declared a $0.45 per share dividend on the 15,000 shares of common stock outstanding. The date of record is January 1 7, and the payment date January 20. Start by preparing the necessary entry on the date of declaration-Jauary 6. (Prepare a compound entry) Journal Entry Date Debit Jan6 Jan 20: Paid the cash dividends Journal Entry Credit Jan 20 Mar 21: Split common stock 2-for-1 by calling in the 15,000 shares of $12 par common stock and issuing new stock in its place Journal Entry Date Debit Mar 21 Apr 18: Declared and dstbuted a 20% stock dividend on the common stock. The maket value ofthe common stock was S34 per Journal Entry Apr 18 Jun 18: Purchased 800 shares of treasury common stock at $28 per share. Journal Entry Date Debit Jun 18 Dec 22 Sold 400 shares of treasury common stock for $34 per share. Choose from any list or enter any number in the input fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Principles

Authors: Kinney Raiborn

14th Edition

9788131521069

More Books

Students also viewed these Accounting questions