Week $7$: Merchandising Corporations and Final Submission

Required Journal Entries:

$1-$Jul The owner is concerned about unlimited liability being a sole proprietorship. Therefore, the company is converting to a corporation. The owner will receive $2,500$ shares of $$100$ par common stock for the original investment. The balance in owner's capital is $$325,000.$

$3-$Jul Issued $30,000$ shares of common stock, $$10$ par value.

$14-$Jul Declared a cash dividend of $$1\mathrm{.}50$ per share for the outstanding shares of common stock. $($Remember to utilize the correct payable account.$)$

$31-$Jul Paid out the dividend in cash.

$\backslash$table$[[$General Journal$],[$Date$,$Account,PR$.,\{$f$20$a$91$f$41-2$e$60-40$d$7-$a$1$bc$-41$a$46$a$57$db$93\}$

$\backslash$table$[[1]],\frac{?}{\text{b}\text{a}\text{r}}(Cr),$