Answered: Entries for Selected Corporate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

Aug. 20. Sold 30,000 shares of treasury stock at $19, receiving cash.
Date
Account
Debit
Credit
Aug 20.
Oct. 15. Declared semiannual dividends of $2.20 on the preferred stock and $0.34 on the common stock (before the stock dividend).
Date
Account
Debit
Credit
Oct. 15.
Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $21.
Date
Account
Debit
Credit
Oct. 15.
Dec. 19. Paid the cash dividends.
Date
Account
Debit
Credit
Dec. 19.
Dec. 19. Isued the certificates for the common stock dividend.
Date
Account
Debit
Credit
Dec. 31.

Entries for Selected Corporate Transactions
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Jan. 5. Split the common stock 4 for 1 and reduced the par from $40 to $10 per share. After the split, there were 520,000 common shares outstanding.
Date
Account
Debit
Credit
Jan. 5.
Mar. 10. Purchased 42,000 shares of the corporation's own common stock at $16, recording the stock at cost.
Date
Account
Debit
Credit
Mar. 10.
Apr. 30. Declared semiannual dividends of $2.20 on 40,000 shares of preferred stock and $0.28 on the common stock to stockholders of record on May 15, payable on June 15.
Date
Account
Debit
Credit
Apr. 30.
June 15. Paid the cash dividends.
Date
Account
Debit
Credit
June 15.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

Entries for Selected Corporate Transactions

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:

Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 5. Split the common stock 5 for 1 and reduced the par from $200 to $40 per share. After the split, there were 700,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 5.		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6

Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $45, recording the stock at cost.

Date	Account	Debit	Credit
Mar. 10.		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12

Apr. 30. Declared semiannual dividends of $2.90 on 50,000 shares of preferred stock and $0.20 on the common stock to stockholders of record on May 15, payable on June 15.

Date	Account	Debit	Credit
Apr. 30.		fill in the blank 14	fill in the blank 15
		fill in the blank 17	fill in the blank 18

June 15. Paid the cash dividends.

Date	Account	Debit	Credit
June 15.		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24

Aug. 20. Sold 40,000 shares of treasury stock at $52, receiving cash.

Date	Debit	Credit
Aug 20.	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33

Oct. 15. Declared semiannual dividends of $2.90 on the preferred stock and $0.26 on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Oct. 15.		fill in the blank 35	fill in the blank 36
		fill in the blank 38	fill in the blank 39

Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $54.

Date	Debit	Credit
Oct. 15.	fill in the blank 41	fill in the blank 42
	fill in the blank 44	fill in the blank 45
	fill in the blank 47	fill in the blank 48

Dec. 19. Paid the cash dividends.

Date	Account	Debit	Credit
Dec. 19.		fill in the blank 50	fill in the blank 51
		fill in the blank 53	fill in the blank 54

Dec. 19. Issued the certificates for the common stock dividend.

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions