JOURNAL ENTRIES

17. On June 1, 2020, Wilman Inc. declared $222,000 of dividends payable to shareholders on Feb 3 Answer July 3, 2020. There are 21,500 common shares and 7,300, $5 cumulative preferred shares. Answer Dividends were last paid in 2017. Write the journal entry to record the declaration and Answer subsequent payout of the dividends. Wilman Inc. uses the cash dividends account to record Answer dividends. Answer Answer Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Issued common shares for assets Date Account Title and Explanation Debit Credit c) A company obtained the services of an accountant. The cost of the services amounted to Jun 1 Answerl Answer $5,100. The company issued common shares to the accountant as payment on February 5, 2020. Answerl Answerl Date Account Title and Explanation Debit Credit Answer Answer Answer Feb 5 Answer Record dividend payable Answer Answer Jul 3 Answerl Answer Issued common shares for operating expense Answerl Answerl Record payment of dividend 18. Prepare the journal entry for each of the following independent transactions: Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. a) A company issued 14,100 common shares and received $3 per share on February 1, 2020. Date Account Title and Explanation Debit Credit Feb 1 Answer Answer Answer Answer Issued common shares for cash b) A private company issued 13,700 common shares for land and a building on February 3, 2020. The land was valued at $60,000 and the building was valued at $132,000. Date Account Title and Explanation Debit Credit