Prepare entries for common stock of Williams Corporation. . . On May 10, Williams Corporation issues 100,000 shares of $5 par value common stock for cash at $25per share. On July 1, Williams Corporation purchases 10,000 shares of its par value common stock for the treasury at a cash price of $30 per share. On September 1, it sells 3,000 shares of the treasury stock for cash at $40 per share. On October 31, it has 93,000 shares outstanding and declares a $1 per share cash dividend to stockholders of record on November 30. The dividend is paid on December 15. Prepare the entries on the dates mentioned in the question. On December 31, it is the year-end and Williams Corporation closes the dividends account. Date Accounts Debit Credit