2 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. 3 Apr. 1 Issued 9,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. July 10 7 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.60 per share to stockholders of record on December 31. B 9 Instructions 0 4 5 5 Journalize the transactions.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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E11.13 (LO3), AP
2
On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a
stated value of $4 per share. During the year, the following transactions occurred.
3
Apr. 1
Issued 9,000 additional shares of common stock for $11 per share.
5
June 15
Declared a cash dividend of $1.50 per share to stockholders of record on June 30.
Paid the $1.50 cash dividend.
5 July 10
3
Dec. 1
Issued 4,000 additional shares of common stock for $12 per share.
Dec. 15
Declared a cash dividend on outstanding shares of $1.60 per share to stockholders of record on December
31.
Instructions
Journalize the transactions.
Date
Account
Debit
Credit
1
8
9
_0
1
_2
3
-4
5
6
7
8
_9
:0
:1
2
:3
4
:5
6
7
8
9
4/1/22
6/15/22
7/10/22
12/1/22
12/15/22
Transcribed Image Text:E11.13 (LO3), AP 2 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. 3 Apr. 1 Issued 9,000 additional shares of common stock for $11 per share. 5 June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. Paid the $1.50 cash dividend. 5 July 10 3 Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.60 per share to stockholders of record on December 31. Instructions Journalize the transactions. Date Account Debit Credit 1 8 9 _0 1 _2 3 -4 5 6 7 8 _9 :0 :1 2 :3 4 :5 6 7 8 9 4/1/22 6/15/22 7/10/22 12/1/22 12/15/22
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