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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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