Question
Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Instructions: Journalize the transactions. If
Entries for Selected Corporate Transactions
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Instructions:
Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 5. Split the common stock 4 for 1 and reduced the par from $100 to $25 per share. After the split, there were 400,000 common shares outstanding.
Date | Account | Debit | Credit |
---|---|---|---|
Jan. 5. | No Entry Required | ||
No Entry Required |
Mar. 10. Purchased 32,000 shares of the corporation's own common stock at $28, recording the stock at cost.
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 10. | |||
Apr. 30. Declared semiannual dividends of $3.7 on 60,000 shares of preferred stock and $0.34 on the common stock to stockholders of record on May 15, payable on June 15.
Date | Account | Debit | Credit |
---|---|---|---|
Apr. 30. | |||
June 15. Paid the cash dividends.
Date | Account | Debit | Credit |
---|---|---|---|
June 15. | |||
Aug. 20. Sold 23,000 shares of treasury stock at $36, receiving cash.
Date | Account | Debit | Credit |
---|---|---|---|
Aug 20. | |||
Oct. 15. Declared semiannual dividends of $3.7 on the preferred stock and $0.4 on the common stock (before the stock dividend).
Date | Account | Debit | Credit |
---|---|---|---|
Oct. 15. | |||
Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38.
Date | Account | Debit | Credit |
---|---|---|---|
Oct. 15. | |||
Dec. 19. Paid the cash dividends.
Date | Account | Debit | Credit |
---|---|---|---|
Dec. 19. | |||
Dec. 19. Issued the certificates for the common stock dividend.
Date | Account | Debit | Credit |
---|---|---|---|
Dec. 31. | |||
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