Journalize the following selected transactions completed during the current fiscal year: Mar. 24   The board of directors of New Town, Inc., declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. 26   Declared a dividend of $1.75 per share on the outstanding shares of common stock. Apr.  5   Paid the dividend declared on March 26. Nov.  1   Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $25). Dec.  1   Issued the certificates for the common stock dividend declared on November 1. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Mar. 24 No Entry Required  fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Mar. 26 Cash Dividends Payable  fill in the blank 8 fill in the blank 9   Retained Earnings  fill in the blank 11 fill in the blank 12 Apr. 5 Cash Dividends Payable  fill in the blank 14 fill in the blank 15   Cash  fill in the blank 17 fill in the blank 18 Nov. 1 Paid-In Capital in Excess of Par-Common Stock  fill in the blank 20 fill in the blank 21   Stock Dividends Distributable  fill in the blank 23 fill in the blank 24   Retained Earnings  fill in the blank 26 fill in the blank 27 Dec. 1 Stock Dividends Distributable  fill in the blank 29 fill in the blank 30   Common Stock  fill in the blank 32 fill in the blank 33

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
  1. Journalize the following selected transactions completed during the current fiscal year:

    Mar. 24   The board of directors of New Town, Inc., declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
    26   Declared a dividend of $1.75 per share on the outstanding shares of common stock.
    Apr.  5   Paid the dividend declared on March 26.
    Nov.  1   Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $25).
    Dec.  1   Issued the certificates for the common stock dividend declared on November 1.

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

    Mar. 24 No Entry Required  fill in the blank 2 fill in the blank 3
        fill in the blank 5 fill in the blank 6
    Mar. 26 Cash Dividends Payable  fill in the blank 8 fill in the blank 9
      Retained Earnings  fill in the blank 11 fill in the blank 12
    Apr. 5 Cash Dividends Payable  fill in the blank 14 fill in the blank 15
      Cash  fill in the blank 17 fill in the blank 18
    Nov. 1 Paid-In Capital in Excess of Par-Common Stock  fill in the blank 20 fill in the blank 21
      Stock Dividends Distributable  fill in the blank 23 fill in the blank 24
      Retained Earnings  fill in the blank 26 fill in the blank 27
    Dec. 1 Stock Dividends Distributable  fill in the blank 29 fill in the blank 30
      Common Stock  fill in the blank 32 fill in the blank 33
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for stockholder's equity
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education