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.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

J

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: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
Date
Account Titles and Explanation
Debit
Credit
HODE
SU
Transcribed Image Text:Date Account Titles and Explanation Debit Credit HODE SU
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education