Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pumpkin Accounting Corp. began the year with 1,000,000 authorized and 234,000 issued and outstanding $10 par common shares. During the years, Pumpkin entered into

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Pumpkin Accounting Corp. began the year with 1,000,000 authorized and 234,000 issued and outstanding $10 par common shares. During the years, Pumpkin entered into the following transactions a. Declared a $0.40 per-share cash dividend on March 10. b. Paid the $0.40 per-share dividend an April 10. c. Repurchased 8,000 common shares at a cost of $24 each on May 2. d. Sold 3,000 unissued common shares for $26 per share on June 9. e. Declared a $0.55 per-share cash dividend on August 10. f. Paid the $0.55 per-share dividend on September 10. g. Declared and paid a 10% stock dividend on October 15 when the market price of the common stock was $2 per share. h. Declared a $0.40 per-share cash dividend on November 10. 1. Paid the $0.60 per-share dividend on December 10. Required: 1. Prepare journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. a. Mar 10 Dividends Declared Dividends Payable b. Apr. 10 Dividends Payable 110 93,600 91,000 Cash 93,000 May 2 Treasury Stock 192,000 Cash 192,000 Cash 78,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

More Books

Students also viewed these Accounting questions

Question

How do we do subnetting in IPv6?Explain with a suitable example.

Answered: 1 week ago

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago