Question
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Instructions: Journalize the transactions. If no entry is required, select
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Instructions:
Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 540,000 common shares outstanding.
Date | Account | Debit | Credit |
---|---|---|---|
Jan. 5. | No Entry Required | ||
No Entry Required |
Mar. 10. Purchased 43,000 shares of the corporation's own common stock at $45, recording the stock at cost.
Date | Account | Debit | Credit |
---|---|---|---|
Mar. 10. | Treasury Stock | ||
Cash |
Apr. 30. Declared semiannual dividends of $4 on 45,000 shares of preferred stock and $0.25 on the common stock to stockholders of record on May 15, payable on June 15.
Date | Account | Debit | Credit |
---|---|---|---|
Apr. 30. | Cash Dividends | ||
Cash Dividends Payable |
June 15. Paid the cash dividends.
Date | Account | Debit | Credit |
---|---|---|---|
June 15. | Cash Dividends Payable | ||
Cash |
Aug. 20. Sold 31,000 shares of treasury stock at $51, receiving cash.
Date | Account | Debit | Credit |
---|---|---|---|
Aug 20. | Cash | ||
Treasury Stock | |||
Paid-In Capital from Sale of Treasury Stock |
Oct. 15. Declared semiannual dividends of $4 on the preferred stock and $0.31 on the common stock (before the stock dividend).
Date | Account | Debit | Credit |
---|---|---|---|
Oct. 15. | Cash Dividends | ||
Cash Dividends Payable |
Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $53.
Date | Account | Debit | Credit |
---|---|---|---|
Oct. 15. | Stock Dividends | ||
Stock Dividends Distributable | |||
Paid-In Capital in Excess of Par-Common Stock |
Dec. 19. Paid the cash dividends.
Date | Account | Debit | Credit |
---|---|---|---|
Dec. 19. | Cash Dividends Payable | ||
Cash |
Dec. 19. Issued the certificates for the common stock dividend.
Date | Account | Debit | Credit |
---|---|---|---|
Dec. 31. | Stock Dividends Distributable | ||
Common Stock |
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