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Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $40,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 7 Dec. 15 Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $9 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Kick Off sold the remaining shafes at $7 per share. November 14. If an amount box does not require an entry, leave it blank. Journalize the transactions of May 27, August 3, and May 27 Aug, 3 Nov. 14 000 000

Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $40,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 7 Dec. 15 Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $9 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Kick Off sold the remaining shafes at $7 per share. November 14. If an amount box does not require an entry, leave it blank. Journalize the transactions of May 27, August 3, and May 27 Aug, 3 Nov. 14 000 000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $40,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 7 Dec. 15 Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $9 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Kick Off sold the remaining shafes at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Aug, 3 Nov. 14 001 1000
Transcribed Image Text:Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $40,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 7 Dec. 15 Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $9 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Kick Off sold the remaining shafes at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Aug, 3 Nov. 14 001 1000
Entries for Issuing Stock On January 22, Muir Corporation issued for cash 33,000 shares of no-par common stock at $50. On February 14, Muir issued at par value 1,000 shares of preferred 7% stock, $80 par for cash. On August 30, Muir issued for cash 33,000 shares of preferred 7% stock, $80 par at $87. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug, 30 000
Transcribed Image Text:Entries for Issuing Stock On January 22, Muir Corporation issued for cash 33,000 shares of no-par common stock at $50. On February 14, Muir issued at par value 1,000 shares of preferred 7% stock, $80 par for cash. On August 30, Muir issued for cash 33,000 shares of preferred 7% stock, $80 par at $87. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug, 30 000
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