Thompson Payroll Service began in 2019 with 1,500,000 authorized and 830,000 issued and outstanding $8 par common shares. During 2019, Thompson entered into the following transactions: a. Declared a $0.10 per-share cash dividend on March 24. b. Paid the $0.10 per-share dividend on April 6. c. Repurchased 15,000 common shares for the treasury at a cost of $10 each on May 9. d. Sold 4,000 unissued common shares for $16 per share on June 19. e. Declared a $0.30 per-share cash dividend on August 1. f. Paid the $0.30 per-share dividend on September 14. 9. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $16 per share. h. Declared a $0.60 per-share cash dividend on November 20. 1. Paid the $0.60 per-share dividend on December 20. Required: 1. Prepare journal entries for each of these transactions. 2. What is the total dollar amount of dividends (cash and stock) for the year? 3. Conceptual Connection: Determine the effect on total assets and total stockholders' equity of these dividend transactions. CHART OF ACCOUNTS Thompson Payroll Service General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 112 Petty Cash 412 Service Revenue 121 Accounts Receivable 413 Interest Income 123 Allowance for Doubtful Accounts 124 Notes Receivable 414 Rent Revenue 125 Supplies 126 Prepaid Insurance EXPENSES 511 Cost of Goods Sold 127 Prepaid Rent 512 Advertising Expense 128 Inventory 513 Supplies Expense 129 Interest Receivable 514 Utilities Expense 130 Investment 515 Insurance Expense 131 Land 516 Service Charge Expense 132 Buildings 517 Bad Debt Expense 133 Equipment 518 Rent Expense 134 Furniture 135 Trucks 139 Accumulated Depreciation 141 Leased Assets 521 Wages Expense 531 Interest Expense 541 Depreciation Expense 551 Income Taxes Expense 552 Legal Expense LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Uneared Rent Revenue 241 Bonds Payable 251 Notes Payable EQUITY EQUITY 311 Common Stock 312 Additional Paid-In Capital-Common Stock 313 Preferred Stock 314 Additional Paid-In Capital-Preferred Stock 315 Treasury Stock 316 Additional Paid-In Capital-Treasury Stock 321 Retained Earnings 331 Dividends DATT ACCOUNT TITLE 1 POST RIE DET CREDIT ASSETS LIABILITIES EQUITY REVENUE 2 Mar 24 Dividends Dividends Payable Apt 6 Dividends Payable 83.000.00 EPONSES NET INCO + 85.000.00 + 4 85,000.00 5 May Treasury Stock Cash 85,000.00 1 6 150,000.00 7 Jun 19 Cash 150,000.00 + 64,000.00 t 32.000.00 50 Common Stock Additional Paid In Capital-Common Stock Aug 1 Dividends Dividends Payable Sep 14 Dividends Payable 32 000.00 11 245.700.00 12 245700.00 15 245.70000 14 245,700.00 + 15 10 Octs Dividends Common Stock Additional Paid In Capital Common Stock Nox 20 Dividends Dividends Payable Dec. 20 Dividends Payable 2. What is the total dollar amount of dividends (cash and stock) for the year? Total Amount of Dividends $ Points: 0/1 3. Conceptual Connection: Determine the effect on total assets and total stockholders' equity of these dividend transactions Additional Instructions Effect on Stockholders' Equity $ $ S $ S Transaction Effect on Assets a. Affects stockholders' equity S b. Affects assets $ c. Not a dividend transaction d. Not a dividend transaction e. Affects stockholders' equity v S 1. Affects assets 9. No effect n. Affects stockholders' equity VS Affects assets $ $ $ $ S $ Total effect