Question
Scenario 2: Misners Corporation Part 1: Journalize the following transactions. Jan. 15 Declared cash dividend of $1 per share. 70,000 shares currently issued. Feb 15
Scenario 2: Misners Corporation Part 1: Journalize the following transactions. Jan. 15 Declared cash dividend of $1 per share. 70,000 shares currently issued. Feb 15 The dividend declared on Jan. 15 was paid April 15 Stock dividend of $13/share declared on 7,000 common shares. May 15 - Stock dividend declared on April 15th was paid. July 1 Memo issued: 2-for-1 stock split announced Dec. 1 Cash dividend of $0.50/share declared on all issued shares. December 31st Prepare closing entries. Revenue was $1 million and expenses $750,000
Post to the general Ledge
Common Shares
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | 900,000 | ||||
Common Shares Dividend Distributable
| Date | Explanation | Ref. | Debit | Credit | Balance |
Cash Dividends
| Date | Explanation | Ref. | Debit | Credit | Balance |
|---|---|---|---|---|---|
Stock Dividends
| Date | Explanation | Ref. | Debit | Credit | Balance |
Retained Earnings
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | 540,000 | ||||
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