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Requirement 1. Record the transactions in Summerborn's general journal. (Record debits first, then credits. Explanations are not required. For memorandum entries, only enter the description

Requirement 1. Record the transactions in Summerborn's general journal. (Record debits first, then credits. Explanations are not required. For memorandum entries, only enter the description and leave the amount cells blank.) Jan 16: Declared a cash dividend on the 55%, $ 100 par preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.

Journal Entry

Date

Accounts

Debit

Credit

Jan

16

Jan

16

Declared a cash dividend on the 55%, $ 100 par preferred stock (900 sharesoutstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.

Feb

15

Paid the cash dividends.

Jun

10

Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding.

Jul

30

Distributed a 50 % stock dividend on the common stock. The market value of the common stock was $ 9 per share.

Oct

26

Purchased 1,000 shares of treasury stock at $ 13 per share.

Nov

8

Sold 500 shares of treasury stock for $ 15 per share.

Nov

30

Sold 300 shares of treasury stock for $ 8 per share.

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