On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15 Aug. 21 Nov, 1 Dec. 20 (a) Issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Issued 3,100 common shares at $25 per share. Date Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order. presented in the problem. 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 0 for the amounts.) Account Titles Debit Credit
On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15 Aug. 21 Nov, 1 Dec. 20 (a) Issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Issued 3,100 common shares at $25 per share. Date Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order. presented in the problem. 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 0 for the amounts.) Account Titles Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Haresh vala
Transcribed Image Text:On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During
the year, the following transactions occurred:
Apr. 2
June 15.
Aug. 21
Nov. 1
Dec. 20
(a)
Issued 5,000 common shares at $20 per share.
Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10.
Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20.
The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20.
Issued 3,100 common shares at $25 per share.
Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January
10.
Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. 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 0 for the amounts.)
Account Titles
Date
Debit
Credit
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