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Entries for Selected Corporate Transactions Morrow Enterprises Inc: manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc.: with balances on lanuary 1, 2015, are as follows: Common Stock, S10 stated value shares authorized, 460.000 shares issued) $4,600,000 The following selected transactions occurred during the year: Jan. Paid cash dividends of S0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $57,960. Apr. Issued 85,000 shares of common stock for $16 per share. June Sold all of the treasury stock for $828,000. July 5. Declared a 496 stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. Issued the certificates for the dividend declared on July 5. Nov. Purchased 29,000 shares of treasury stock for $580,000. Dec. Declared a S0.17 per share dividend on common stock Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Dec. 28. Declared a 50.17-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Date Account Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.17-per-share dividend on common stock. Date Account Dec. 28 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Dec. 31 Retained Earnings Stock Dividends Cash Dividends Debit Credit 580,000 580,000 Debit Credit X Debit Credit 392,400

Entries for Selected Corporate Transactions Morrow Enterprises Inc: manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc.: with balances on lanuary 1, 2015, are as follows: Common Stock, S10 stated value shares authorized, 460.000 shares issued) $4,600,000 The following selected transactions occurred during the year: Jan. Paid cash dividends of S0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $57,960. Apr. Issued 85,000 shares of common stock for $16 per share. June Sold all of the treasury stock for $828,000. July 5. Declared a 496 stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. Issued the certificates for the dividend declared on July 5. Nov. Purchased 29,000 shares of treasury stock for $580,000. Dec. Declared a S0.17 per share dividend on common stock Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Dec. 28. Declared a 50.17-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Date Account Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.17-per-share dividend on common stock. Date Account Dec. 28 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Dec. 31 Retained Earnings Stock Dividends Cash Dividends Debit Credit 580,000 580,000 Debit Credit X Debit Credit 392,400

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 Selected Corporate Transactions Morrow Enterprises Inc: manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc.: with balances on lanuary 1, 2015, are as follows: Common Stock, S10 stated value shares authorized, 460.000 shares issued) $4,600,000 The following selected transactions occurred during the year: Jan. Paid cash dividends of S0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $57,960. Apr. Issued 85,000 shares of common stock for $16 per share. June Sold all of the treasury stock for $828,000. July 5. Declared a 496 stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. Issued the certificates for the dividend declared on July 5. Nov. Purchased 29,000 shares of treasury stock for $580,000. Dec. Declared a S0.17 per share dividend on common stock Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Dec. 28. Declared a 50.17-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Date Account Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.17-per-share dividend on common stock. Date Account Dec. 28 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Dec. 31 Retained Earnings Stock Dividends Cash Dividends Debit Credit 580,000 580,000 Debit Credit X Debit Credit 392,400
Transcribed Image Text:Entries for Selected Corporate Transactions Morrow Enterprises Inc: manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc.: with balances on lanuary 1, 2015, are as follows: Common Stock, S10 stated value shares authorized, 460.000 shares issued) $4,600,000 The following selected transactions occurred during the year: Jan. Paid cash dividends of S0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $57,960. Apr. Issued 85,000 shares of common stock for $16 per share. June Sold all of the treasury stock for $828,000. July 5. Declared a 496 stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. Issued the certificates for the dividend declared on July 5. Nov. Purchased 29,000 shares of treasury stock for $580,000. Dec. Declared a S0.17 per share dividend on common stock Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Dec. 28. Declared a 50.17-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. Nov. 23. Purchased 29,000 shares of treasury stock for $580,000. Date Account Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.17-per-share dividend on common stock. Date Account Dec. 28 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Dec. 31 Retained Earnings Stock Dividends Cash Dividends Debit Credit 580,000 580,000 Debit Credit X Debit Credit 392,400
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