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Prepare appropriate general journal entries for each of the following transactions for Mainstream Technologies, Inc. Mar. 25 Declared a 10% stock dividend to common shareholders.
Prepare appropriate general journal entries for each of the following transactions for Mainstream Technologies, Inc.
Mar. 25 | Declared a 10% stock dividend to common shareholders. The market value of the common stock is $12 per share. The par value is $10. There are 100,000 shares of common stock currently outstanding. |
Apr. 1 | Issued the stock certificates for the stock dividend. |
July 31 | Declared a two-for-one stock split. Issued 200,000 shares of $12 par common stock in exchange for 100,000 shares of $10 par common stock. |
Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank.
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ||
---|---|---|---|---|---|---|
1 | Mar. 25 | fill in the blank 37a4a3fe8f9cf9b_2 | fill in the blank 37a4a3fe8f9cf9b_3 | 1 | ||
2 | fill in the blank 37a4a3fe8f9cf9b_5 | fill in the blank 37a4a3fe8f9cf9b_6 | 2 | |||
3 | fill in the blank 37a4a3fe8f9cf9b_8 | fill in the blank 37a4a3fe8f9cf9b_9 | 3 | |||
4 | 4 | |||||
5 | Apr. 1 | fill in the blank 37a4a3fe8f9cf9b_11 | fill in the blank 37a4a3fe8f9cf9b_12 | 5 | ||
6 | fill in the blank 37a4a3fe8f9cf9b_14 | fill in the blank 37a4a3fe8f9cf9b_15 | 6 |
Declared a two-for-one stock split. How is this transaction recorded in the books of Mainstream Technologies, Inc.?
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