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NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: On November 12 th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th. NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: 1. On November 12th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. 2. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th. 3. A year has passed, and you would like to add value to your shareholders by repurchasing 2.000 of your own shares at the prevailing market price of $23 per share. Record this transaction assuming that it happened on November 14th. Record issuance of shares on November 12. If there are multiple credits for a journal entry, make sure to input Common Stock as the first credit entry. Record declaration of cash dividend on December 31. Date Account Debit Credit Date Record payment of cash dividend on January 14. Account Debit Credit Enter Date Account Debit Credit 1 Enter your input Enter your inpul your 1 1 Enter your Enter input Enter your input Enter Enter your input your input input Enter your input your Enter Enter input 2 Enter your input your 2 Enter your input your Enter input input 2 Enter your input your input Enter Enter your input your input Record repurchase of shares on November 14. Date Account 1 Enter your Enter your input input Debit Credit Enter your input Enter ว Enter umur innud

NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: On November 12 th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th. NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: 1. On November 12th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. 2. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th. 3. A year has passed, and you would like to add value to your shareholders by repurchasing 2.000 of your own shares at the prevailing market price of $23 per share. Record this transaction assuming that it happened on November 14th. Record issuance of shares on November 12. If there are multiple credits for a journal entry, make sure to input Common Stock as the first credit entry. Record declaration of cash dividend on December 31. Date Account Debit Credit Date Record payment of cash dividend on January 14. Account Debit Credit Enter Date Account Debit Credit 1 Enter your input Enter your inpul your 1 1 Enter your Enter input Enter your input Enter Enter your input your input input Enter your input your Enter Enter input 2 Enter your input your 2 Enter your input your Enter input input 2 Enter your input your input Enter Enter your input your input Record repurchase of shares on November 14. Date Account 1 Enter your Enter your input input Debit Credit Enter your input Enter ว Enter umur innud

FINANCIAL ACCOUNTING
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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NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: On November 12 th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th.
Transcribed Image Text:NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: On November 12 th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th.
NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: 1. On November 12th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. 2. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th. 3. A year has passed, and you would like to add value to your shareholders by repurchasing 2.000 of your own shares at the prevailing market price of $23 per share. Record this transaction assuming that it happened on November 14th. Record issuance of shares on November 12. If there are multiple credits for a journal entry, make sure to input Common Stock as the first credit entry. Record declaration of cash dividend on December 31. Date Account Debit Credit Date Record payment of cash dividend on January 14. Account Debit Credit Enter Date Account Debit Credit 1 Enter your input Enter your inpul your 1 1 Enter your Enter input Enter your input Enter Enter your input your input input Enter your input your Enter Enter input 2 Enter your input your 2 Enter your input your Enter input input 2 Enter your input your input Enter Enter your input your input Record repurchase of shares on November 14. Date Account 1 Enter your Enter your input input Debit Credit Enter your input Enter ว Enter umur innud
Transcribed Image Text:NOTE: Use decimals for ratio answers. Round ratio answers to two decimal places. Requirements: Record journal entries for the following transactions that occurred: 1. On November 12th, you issue 100,000 shares (with par value of $10 per share) of your company for total cash proceeds of $1,500,000. Record the issuance of shares. 2. On December 31st, you declare a cash dividend of $0.50 per share. Record the declaration of the dividend and subsequent payment on January 14th. 3. A year has passed, and you would like to add value to your shareholders by repurchasing 2.000 of your own shares at the prevailing market price of $23 per share. Record this transaction assuming that it happened on November 14th. Record issuance of shares on November 12. If there are multiple credits for a journal entry, make sure to input Common Stock as the first credit entry. Record declaration of cash dividend on December 31. Date Account Debit Credit Date Record payment of cash dividend on January 14. Account Debit Credit Enter Date Account Debit Credit 1 Enter your input Enter your inpul your 1 1 Enter your Enter input Enter your input Enter Enter your input your input input Enter your input your Enter Enter input 2 Enter your input your 2 Enter your input your Enter input input 2 Enter your input your input Enter Enter your input your input Record repurchase of shares on November 14. Date Account 1 Enter your Enter your input input Debit Credit Enter your input Enter ว Enter umur innud
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