Week 7: Merchandising Corporations and Final Submission Required Journal Entries 1-Jul The owner is concerned about unlimited liability being a sole proprietorship company is converting to a corporation . The owner will receive 2,500 shares common stock for the original investment . The balance in owner's capital is 3-Jul Issued 30,000 shares of common stock , $10 par value . 14 -Jul Declared a cash dividend of $1.50 per share for the outstanding shares of (Remember to utilize the correct payable account .) 31 -Jul Paid out the dividend in cash . General Journal OeE ] Rtoww T wm ] Week 7