Entries for Stock Dividends Paris Corporation has 15,000 shares of $90 par common stock outstanding. On June 8, Paris Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $110 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. use these No entry required/cash/common stock/paid in capital in excess of par-common stock/stock dividends/stock dividends distributable/cash dividends payable/

Entries for Stock Dividends Paris Corporation has 15,000 shares of $90 par common stock outstanding. On June 8, Paris Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $110 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. use these No entry required/cash/common stock/paid in capital in excess of par-common stock/stock dividends/stock dividends distributable/cash dividends payable/

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

See similar textbooks

Related questions

Q: Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash…

A: Cash dividend for the journal entries will be $24,900 (8300 shares * $3)

Q: A corporation issues 1,500 shares of common stock for $32,000. The stock has a par value of $10 per…

A: Company may raise capital or funds from the issue of common stock or preference stock. When these…

Q: Tropical Rainwear issues 2,000 shares of its $15 par value preferred stock for cash at $17 per…

A: Number of shares issued = 2,000 Par value of the stock = $15 Issue price of the stock = $17

Q: Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value…

A: The journal entries are the first step of the accounting process that are prepared to record the…

Q: Vincent Corporation has 96,000 shares of $105 par common stock outstanding. On June 30, Vincent…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Alma Corp. issues 1,120 shares of $7 par common stock at $15 per share. When the transaction is…

A: The correct journal entry to record issue of shares will be: Account Titles Debit Credit…

Q: he Marx Corporation has 118,800 $1.5 noncumulative pre n May 15 to shareholders of record on June…

A: Dividend A company pays dividends to its shareholders in order to distribute profits to them. It is…

Q: Top-Value Corporation has 900,000 shares of $26 par common stock outstanding. On September 2,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Prepare the journal entry to record Zende Company's issuance of 84,000 shares of $8 par value common…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Clothing Frontiers began operations on January 1 and engages in the following transactions during…

A: Share issue refers to issue of new share for cash.

Q: On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock…

A: Value of treasury stock purchaes = 1800 * $11 = $19,800 Cash amount received from sale of 1450…

Q: Vincent Corporation has 96,000 share of $100 par common stock outstanding. On June 30, Vincent…

A: Vincent corporation issued shares in excess of par at $121 per share

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Entries for Stock Dividends

Paris Corporation has 15,000 shares of $90 par common stock outstanding. On June 8, Paris Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $110 per share on June 8.

Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

use these

No entry required/cash/common stock/paid in capital in excess of par-common stock/stock dividends/stock dividends distributable/cash dividends payable/

Jun. 8


Jul. 13

Aug. 12

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

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

Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Top-Value Corporation has 256,500 shares of $35 par common stock outstanding. On September 2, Top-Value Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $50 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Pro-Builders Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Pro-Builders Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Journalisms the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the the next transaction. Refer to the Chart of Accounts for exact wording of account titles
(.IS Lily Corporation has 43,500 shares of $13 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date く Account Titles and Explanation Debit Credit
Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at $46 per share. On August 3, Let Loose sold 2,100 of the reacquired shares at $49 per share. November 14, Let Loose sold the remaining shares at $45 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. cash/common stock/paid in from sale of treasury stock/paid in capital in excess of par/treasury stock/preferred stock/accounts receivable/retained earnings/ May 27 Aug. 3 Nov. 14
Larkspur, Inc. has 49,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 1 Dec. 31 Account Titles and Explanation Debit Credit
g
Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro- builders corporation declared a $3 stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $36 per share on September 2. Journalize the entries required on September 2, October 3,and November 30. If no entry is required, simply skip to the next transaction.
Top-Value Corporation has 900,000 shares of $26 par common stock outstanding. On September 2, Top-Value Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $44 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction.
On May 27, Buzz Off Inc. reacquired 80,000 shares of its common stock at $9 per share. On August 3, Buzz Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Buzz Off sold the remaining shares 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. Date Account Debit Credit May 27 Aug. 3 Nov. 14
On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following transactions occurred during the year. April 15: Declared a cash dividend of $0.80 per share to stockholders of record on May 31. July 10: Paid the $0.80 cash dividend. A Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Apr. 15 Cash Dividends Dividends Payable (To record declaration of cash dividend) Debit Date Account Title Credit B. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.)
Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3, Kick Off sold 3,200 of the reacquired shares at $51 per share. On November 14, Kick Off sold the remaining shares at $47 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 dropdown Aug. 3 Nov. 14