Larkspur Corporation is authorized to issue 1,030,000 shares of $1 par value common stock. During 2025, the company has the following stock transactions. Jan, 15 Sept. 5 Dec. 6 Journalize the transactions for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Jan. 15 Sept. 5 Issued 721,000 shares of stock at $7 per share. Purchased 20,600 shares of common stock for the treasury at $8 per share. Declared a $0.50 per share dividend to stockholders of record on December 20, 2025, payable January 3, 2026. Dec 6 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Treasury Stock Cash Retained Earnings Dividends Payable Debit 504,700 Credit 721,000

Larkspur Corporation is authorized to issue 1,030,000 shares of $1 par value common stock. During 2025, the company has the following stock transactions. Jan, 15 Sept. 5 Dec. 6 Journalize the transactions for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Jan. 15 Sept. 5 Issued 721,000 shares of stock at $7 per share. Purchased 20,600 shares of common stock for the treasury at $8 per share. Declared a $0.50 per share dividend to stockholders of record on December 20, 2025, payable January 3, 2026. Dec 6 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Treasury Stock Cash Retained Earnings Dividends Payable Debit 504,700 Credit 721,000

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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