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Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. 5. Split the common stock 3 for 1 and
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Jan. | 5. | Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,275,000 common shares outstanding. |
Mar. | 10. | Purchased 41,300 shares of the corporations own common stock at $29, recording the stock at cost. |
Apr. | 30. | Declared semiannual dividends of $0.75 on 70,400 shares of preferred stock and $0.11 on the common stock to stockholders of record on May 15, payable on June 15. |
June | 15. | Paid the cash dividends. |
Aug. | 20. | Sold 31,900 shares of treasury stock at $33, receiving cash. |
Oct. | 15 | Declared semiannual dividends of $0.75 on the preferred stock and $0.11 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $38. The dividend date of record is November 15 payable on December 19. |
Dec. | 19. | Paid the cash dividends and issued the certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles
CHART OF ACCOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATV Discount Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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