Week seven merchandising corporation

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. Create a general journal entry and the company statement of retained earnings ended july $31$