Financial Accounting

Practice quiz 9 - Chapter 11

10 Points Name______________________________________

Burns Corporation is authorized to issue 25,000 shares of $10 par value common stock. During 2017, Burns first year of operations, the company has the following stock transactions:

Jan. 15 Issued 20,000 shares of stock at $15 per share.

July 5 Purchased 1,000 shares of its own $10 par value common stock for $25

per share.

July 10 Declared a dividend of $.50 per share. The dividend is to be paid on August 1

to all shareholders of record on July 26.

July 26 Date of record for cash dividend.

Aug. 1 Paid the cash dividend.

Aug. 17 Sold 500 shares of treasury stock purchased for $30 per share.

Oct. 28 Sold the remaining shares of treasury stock purchased for $10 per share.

Nov. 15 Issued 2,000 shares of stock in exchange for a vehicle. At that time the stock was

selling for $18 per share, and the market value of the vehicle was $41,000.

On the form provided on the following page, journalize the transactions for Burns Corporation. Omit explanations.

Date	Account Titles	Debit	Credit