On April 15, 2024, Novak Ltd. declared a 50¢ per share cash dividend, payable on May 31 to shareholders of record on May 1. On the date of declaration, Novak Ltd. had 306,000 common shares outstanding. On May 15, 2024, the company issued an additional 71,400 common shares for $8 each. On May 31, the dividend was paid. On December 15, 2024, Novak Ltd. declared a 50¢ per share cash dividend, payable on January 15, 2025 to shareholders of record on January 2, 2025. Prepare all the required journal entries to record these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit 2024 2025
On April 15, 2024, Novak Ltd. declared a 50¢ per share cash dividend, payable on May 31 to shareholders of record on May 1. On the date of declaration, Novak Ltd. had 306,000 common shares outstanding. On May 15, 2024, the company issued an additional 71,400 common shares for $8 each. On May 31, the dividend was paid. On December 15, 2024, Novak Ltd. declared a 50¢ per share cash dividend, payable on January 15, 2025 to shareholders of record on January 2, 2025. Prepare all the required journal entries to record these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit 2024 2025
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On April 15, 2024, Novak Ltd. declared a 50¢ per share cash dividend, payable on May 31 to
shareholders of record on May 1. On the date of declaration, Novak Ltd. had 306,000
common shares outstanding. On May 15, 2024, the company issued an additional 71,400
common shares for $8 each. On May 31, the dividend was paid. On December 15, 2024,
Novak Ltd. declared a 50¢ per share cash dividend, payable on January 15, 2025 to
shareholders of record on January 2, 2025. Prepare all the required journal entries to record
these transactions. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. 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. Record journal entries
in the order presented in the problem.) Date Account Titles Debit Credit 2024 2025
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