Journal Entry Worksheet: (please refer to the picture as well) 1, Record the issuance of 46,000 additional shares of $1 par value common stock for $43 per share. 2, Record the purchase of 4,100 shares of treasury stock for $46 per share. 3, Record the declaration of a cash dividend of $1.05 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) 4, Record payment of the cash dividend declared on June 1. 5, Record the resale of 2,050 shares of treasury stock purchased on May 10 for $51 per share.
Journal Entry Worksheet: (please refer to the picture as well) 1, Record the issuance of 46,000 additional shares of $1 par value common stock for $43 per share. 2, Record the purchase of 4,100 shares of treasury stock for $46 per share. 3, Record the declaration of a cash dividend of $1.05 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) 4, Record payment of the cash dividend declared on June 1. 5, Record the resale of 2,050 shares of treasury stock purchased on May 10 for $51 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journal Entry Worksheet: (please refer to the picture as well)
1, Record the issuance of 46,000 additional shares of $1 par value common stock for $43 per share.
2, Record the purchase of 4,100 shares of
3, Record the declaration of a cash dividend of $1.05 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.)
4, Record payment of the cash dividend declared on June 1.
5, Record the resale of 2,050 shares of treasury stock purchased on May 10 for $51 per share.
thank you so much!
Transcribed Image Text:### The Eighties Shop Transactions in 2022
**Background:**
On January 1, 2022, The Eighties Shop has 100,000 shares of common stock outstanding. The following transactions were incurred during the year:
- **March 1:** Issued 46,000 additional shares of $1 par value common stock for $43 per share.
- **May 10:** Purchased 4,100 shares of treasury stock for $46 per share.
- **June 1:** Declared a cash dividend of $1.05 per share to all stockholders of record on June 15. *Hint: Dividends are not paid on treasury stock.*
- **July 1:** Paid the cash dividend declared on June 1.
- **October 21:** Resold 2,050 shares of treasury stock purchased on May 10 for $51 per share.
**Requirement:**
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.)*
---
### Journal Entry Worksheet
**March 1, 2022 Transaction:**
**Task:**
Record the issuance of 46,000 additional shares of $1 par value common stock for $43 per share.
**Note:** Enter debits before credits.
| Date | General Journal | Debit | Credit |
|-------------|--------------------------------------|--------|--------|
| March 01, 2022 | | | |
*(Further entries for subsequent transactions would be recorded on the appropriate dates.)*
---
This worksheet forms part of a larger exercise aimed at understanding journal entries related to stock transactions. It serves to provide hands-on experience with recording financial events in a general ledger format.
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