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On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 (a) Issued 14,000 additional shares of common stock for $15 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Declared a cash dividend on outstanding shares of $1.10 per share to stockholders of record on December 31. Your answer is incorrect. Date Prepare the entries, if any, on each of the three dividend dates. (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.) Account Titles and Explanation Debit Credit

On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 (a) Issued 14,000 additional shares of common stock for $15 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Declared a cash dividend on outstanding shares of $1.10 per share to stockholders of record on December 31. Your answer is incorrect. Date Prepare the entries, if any, on each of the three dividend dates. (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.) Account Titles and Explanation Debit Credit

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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On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 (a) Issued 14,000 additional shares of common stock for $15 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Declared a cash dividend on outstanding shares of $1.10 per share to stockholders of record on December 31. Your answer is incorrect. Date Prepare the entries, if any, on each of the three dividend dates. (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.) Account Titles and Explanation Debit ZIMOWY Credit
Transcribed Image Text:On January 1, 2020, Pharoah Corporation had 96,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec 1 Purchased 2,200 additional shares of common stock for $14 per share. Dec. 15 (a) Issued 14,000 additional shares of common stock for $15 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Declared a cash dividend on outstanding shares of $1.10 per share to stockholders of record on December 31. Your answer is incorrect. Date Prepare the entries, if any, on each of the three dividend dates. (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.) Account Titles and Explanation Debit ZIMOWY Credit
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