Entries for Selected Corporate TransactionsWest Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows:Jan. 15.Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding.Mar. 1.Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30.Apr. 30.Paid the cash dividends.May 31.Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost.Aug. 17.Sold 40,000 shares of treasury stock at $38, receiving cash.Sept. 1.Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40.Oct. 31.Paid the cash dividends and issued the certificates for the common stock dividend.Required:Journalize the transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. DateAccountDebitCreditJan. 15No entry required fill in the blank 2fill in the blank 3 No entry required fill in the blank 5fill in the blank 6 Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. DateAccountDebitCreditMar. 1Cash Dividends fill in the blank 8fill in the blank 9 Cash Dividends Payable fill in the blank 11fill in the blank 12 Apr. 30. Paid the cash dividends. DateAccountDebitCreditApr. 30Cash Dividends Payable fill in the blank 14fill in the blank 15 Cash fill in the blank 17fill in the blank 18 May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. DateAccountDebitCreditMay 31Treasury Stock fill in the blank 20fill in the blank 21 Cash fill in the blank 23fill in the blank 24 Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. DateAccountDebitCreditAug. 17Cash fill in the blank 26fill in the blank 27 Treasury Stock fill in the blank 29fill in the blank 30 Paid-In Capital from Sale of Treasury Stock fill in the blank 32fill in the blank 33 Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). DateAccountDebitCreditSept. 1Cash Dividends fill in the blank 35fill in the blank 36 Cash Dividends Payable fill in the blank 38fill in the blank 39 Sept. 1. A 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40. DateAccountDebitCreditSept. 1Stock Dividends fill in the blank 41fill in the blank 42 Stock Dividends Distributable fill in the blank 44fill in the blank 45 Paid-In Capital in Excess of Par-Common Stock fill in the blank 47fill in the blank 48 Oct. 31. Paid the cash dividends. DateAccountDebitCreditOct. 31Cash Dividends Payable fill in the blank 50fill in the blank 51 Cash fill in the blank 53fill in the blank 54 Oct. 31. Issued the certificates for the common stock dividend. DateAccountDebitCreditOct. 31Stock Dividends Distributable fill in the blank 56fill in the blank 57 Common Stock fill in the blank 59fill in the blank 60

Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Answered: Journalize the transactions. If no…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for Selected Corporate Transactions

West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows:

Jan. 15.	Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding.
Mar. 1.	Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30.
Apr. 30.	Paid the cash dividends.
May 31.	Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost.
Aug. 17.	Sold 40,000 shares of treasury stock at $38, receiving cash.
Sept. 1.	Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40.
Oct. 31.	Paid the cash dividends and issued the certificates for the common stock dividend.

Required:

Journalize the transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 15	No entry required	fill in the blank 2	fill in the blank 3
	No entry required	fill in the blank 5	fill in the blank 6

Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30.

Date	Account	Debit	Credit
Mar. 1	Cash Dividends	fill in the blank 8	fill in the blank 9
	Cash Dividends Payable	fill in the blank 11	fill in the blank 12

Apr. 30. Paid the cash dividends.

Date	Account	Debit	Credit
Apr. 30	Cash Dividends Payable	fill in the blank 14	fill in the blank 15
	Cash	fill in the blank 17	fill in the blank 18

May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost.

Date	Account	Debit	Credit
May 31	Treasury Stock	fill in the blank 20	fill in the blank 21
	Cash	fill in the blank 23	fill in the blank 24

Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash.

Date	Account	Debit	Credit
Aug. 17	Cash	fill in the blank 26	fill in the blank 27
	Treasury Stock	fill in the blank 29	fill in the blank 30
	Paid-In Capital from Sale of Treasury Stock	fill in the blank 32	fill in the blank 33

Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Sept. 1	Cash Dividends	fill in the blank 35	fill in the blank 36
	Cash Dividends Payable	fill in the blank 38	fill in the blank 39

Sept. 1. A 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40.

Date	Account	Debit	Credit
Sept. 1	Stock Dividends	fill in the blank 41	fill in the blank 42
	Stock Dividends Distributable	fill in the blank 44	fill in the blank 45
	Paid-In Capital in Excess of Par-Common Stock	fill in the blank 47	fill in the blank 48

Oct. 31. Paid the cash dividends.

Date	Account	Debit	Credit
Oct. 31	Cash Dividends Payable	fill in the blank 50	fill in the blank 51
	Cash	fill in the blank 53	fill in the blank 54

Oct. 31. Issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Oct. 31	Stock Dividends Distributable	fill in the blank 56	fill in the blank 57
	Common Stock	fill in the blank 59	fill in the blank 60

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