Question
On January 1, 2019, Jonathan Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
On January 1, 2019, Jonathan Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar 1: Issued 30,000 shares, not previously issued of common stock for $575,000
June 1: Declared a cash dividend of $1.00 per share to stockholders of record on June 15
June 30: Paid the $1.00 cash dividend
July 1: Declared and issued a 10% stock dividend
Dec 1: Purchased 5,000 shares of common stock for the treasury for $15 per share
Dec 10: Sold 100 treasury stock of $16 per share
Dec 15: Declared a cash dividend on outstanding shares of $1.00 per share to stockholders of record on December 31
Instructions: Prepare journal entries to record the above transactions
Please make sure that all of them have been answered, last time I uploaded this July 1st and December 10th were missing
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started