Exercise 10-6 (Algo) Record common stock, preferred stock, and dividend transactions (LO10-2, 10-3, 10-5) Italian Stallion has the following transactions during the year related to stockholders’ equity. February 1 Issues 5,400 shares of no-par common stock for $16 per share. May 15 Issues 600 shares of $10 par value, 9.5% preferred stock for $13 per share. October 1 Declares a cash dividend of $0.95 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Exercise 10-6 (Algo) Record common stock, preferred stock, and dividend transactions (LO10-2, 10-3, 10-5) Italian Stallion has the following transactions during the year related to stockholders’ equity. February 1 Issues 5,400 shares of no-par common stock for $16 per share. May 15 Issues 600 shares of $10 par value, 9.5% preferred stock for $13 per share. October 1 Declares a cash dividend of $0.95 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 10-6 (Algo) Record common stock, preferred stock , and dividend transactions (LO10-2, 10-3, 10-5)
Italian Stallion has the following transactions during the year related to
| February 1 | Issues 5,400 shares of no-par common stock for $16 per share. |
|---|---|
| May 15 | Issues 600 shares of $10 par value, 9.5% preferred stock for $13 per share. |
| October 1 | Declares a cash dividend of $0.95 per share to all stockholders of record (both common and preferred) on October 15. |
| October 15 | Date of record. |
| October 31 | Pays the cash dividend declared on October 1. |
Required:
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No
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