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Journal Entries (App: 14 marks & Comm: 5 marks) As the accountant for Kwik-E-Mart Inc. you are required to record the following transactions (omitting explanations)
Journal Entries (App: 14 marks & Comm: 5 marks) As the accountant for Kwik-E-Mart Inc. you are required to record the following transactions (omitting explanations) for 2022 in General Journal form: DATE Feb. 2 Mar. 2 Oct. 1 TRANSACTION Kwik-E-Mart Inc. declared a 5% stock dividend on their common shares. At the time of the declaration, there were 100 000 shares authorized and 70 000 issued. The average issue price of the shares was $35 and the market price was $34. This is the distribution date for the 5% stock dividend that was declared on February 2. Kwik-E-Mart Inc. bought back 6 000 of its common shares at a price of $38 per share. The average issue price of the shares was $36. There is a $1 000 credit balance in the Contributed Surplus account
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