P13-40A: Requirement 4

WOW Total Stockholde Date Accounts Debit Credit Cash 4,350,000 1,350,000 Common Stock $1 Par Value Paid-in Capital in Excess of Par-Common 3,000,000 Requirement 4. No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the stock. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the declaration of a $200,000 dividend at June 30, 2018. Date Accounts Debit Credit Jun 30 Retained Earnings 200000 Dividends Payable--Preferred Dividends Payable Common 1. 2. 3. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. What is the par value per share of Thurman Comfort Specialists' preferred stock? Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. 4. Par Data Table Stockholders' Equity Paid-In Capital: Preferred Stock-7%, ? Par Value; 725,000 shares authorized, 300,000 shares issued and outstanding Common Stock-$1 Par Value; 8,000,000 shares authorized, 1,350,000 shares issued and outstanding $ 1,200,000 1,350,000 3,000,000 Paid-In Capital in Excess of ParCommon Total Paid-In Capital Retained Earnings 5,550,000 11,800,000 Total Stockholders' Equity 17,350,000 Print Done WOW Total Stockholde Date Accounts Debit Credit Cash 4,350,000 1,350,000 Common Stock $1 Par Value Paid-in Capital in Excess of Par-Common 3,000,000 Requirement 4. No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the stock. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the declaration of a $200,000 dividend at June 30, 2018. Date Accounts Debit Credit Jun 30 Retained Earnings 200000 Dividends Payable--Preferred Dividends Payable Common 1. 2. 3. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. What is the par value per share of Thurman Comfort Specialists' preferred stock? Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. 4. Par Data Table Stockholders' Equity Paid-In Capital: Preferred Stock-7%, ? Par Value; 725,000 shares authorized, 300,000 shares issued and outstanding Common Stock-$1 Par Value; 8,000,000 shares authorized, 1,350,000 shares issued and outstanding $ 1,200,000 1,350,000 3,000,000 Paid-In Capital in Excess of ParCommon Total Paid-In Capital Retained Earnings 5,550,000 11,800,000 Total Stockholders' Equity 17,350,000 Print Done