On January 1, 2025, Sheridan Corporation had 67,800 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30, Dec. 1 Dec. 15 Issued 82.800 shares of common stock for $621,000. Declared a cash dividend of $2 per share to štockholders of record on June 15. Paid the $2 cash dividend Purchased 4,600 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $897,000. Prepare journal entries to record the above transactions. (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.)
On January 1, 2025, Sheridan Corporation had 67,800 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30, Dec. 1 Dec. 15 Issued 82.800 shares of common stock for $621,000. Declared a cash dividend of $2 per share to štockholders of record on June 15. Paid the $2 cash dividend Purchased 4,600 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $897,000. Prepare journal entries to record the above transactions. (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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2025, Sheridan Corporation had 67,800 shares of $1 par value common stock issued and outstanding. During the year,
the following transactions occurred:
Mar. 1
June 1
June 30,
Dec. 1
Dec. 15
Issued 82.800 shares of common stock for $621,000.
Declared a cash dividend of $2 per share to štockholders of record on June 15.
Paid the $2 cash dividend
Purchased 4,600 shares of common stock for the treasury for $18 per share.
Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31
Net income for 2025 totaled $897,000.
Prepare journal entries to record the above transactions. (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.)
Account Titles and Explanation
Date
Debit
Credit
SU
Transcribed Image Text:Date
Account Titles and Explanation
Debit
Credit
HODE
SU
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