Clicker Question Preparation Guide: Ch. 11 &12 Clicker questions will be asked in class based on your completion of this preparation guide You will not have time to complete this guide in class! 1. Richey May Co. issues 7,000 shares of $2.50 par value common stock for $11 per share. a. What is the journal entry to record this transaction? (You may or may not need all rows of this textbox) b. Richey May Co. repurchases 425 of its own common shares for Treasury for $6.25 per share. What is the journal entry to record this transaction? (You may or may not need all rows of this textbox). c. Assuming the above transactions represent all of the common stock activity of Richey May Co., how many common shares are issued? d. Assuming the above transactions represent all of the common stock activity of Richey May Co., how many common shares are in e. Assuming the above transactions represent all of the common stock activity of Richey May Co., how many common shares are 2. On Nov. 2, 2018, the board of directors of Cherry Creek Inc. declared a $8.00 per share cash dividend on 110,000 shares of $1 par value common stock. The dividend will be paid to stockholders' who own shares on Dec. 14, 2018. The dividend will be paid on Feb. 23, 2019 What journal entry, if any, is required on each of the following dates? a. Nov. 2,2018 b. Dec. 14, 2018 c. Feb. 23, 2019 3Alan-Scott Co. began the year with an accounts receivable balance of $98,400, and ended the year with an accounts receivable balance of $42,600. During the year, Alan-Scott Co. recorded $476,900 of sales on account. How much cash did Alan-Scott Co. collect from its customers during the year? 4. Dawn's Pillow Co. began the year with an accounts payable balance related to inventory purchases of $21,000. The balance in the account at the end of the year was $32,900. During the year, Dawn's Pillow Co. purchased $173,000 of inventory on account. How much cash did Dawn's Pillow Co. pay for inventory purchases during the year