Instructions Thompson Payroll Service began the year with 1 , 5 0 0 , 0 0 0
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Question:
Instructions
Thompson Payroll Service began the year with authorized and issued and outstanding $ par common shares. During the year Thompson entered into the following transactions:
a Declared a $ pershare cash dividend on March
b Paid the $ pershare dividend on April
c Repurchased common shares for the treasury at a cost of $ each on May
d Sold unissued common shares for $ per share on June
e Declared a $ pershare cash dividend on August
f Paid the $ pershare dividend on September
g Declared and paid a stock dividend on October when the market price of the common stock was $ per share.
h Declared a $ pershare cash dividend on November
i Paid the $ pershare dividend on December
Required:
Prepare journal entries for each of these transactions.
What is the total dollar amount of dividends cash and stock for the year?
Conceptual Connection: Determine the effect on total assets and total stockholders' equity of these dividend transactions.
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