On January 1, Guillen Corporation had90,000 shares of no-par commonstock issued and outstanding. Thestock has a stated value of $4 pershare. During the year, the followingoccurred. Apr. 1 Issued 20,000additional shares of common stock for$16 per share. June 15 Declared acash dividend of $1 per share tostockholders of record on June 30.July 10 Paid the $1 cash dividend.Dec. 1 Issued 1,000 additional sharesof common stock for $18 per share. 15Declared a cash dividend onoutstanding shares of $1.00 per shareto stockholders of record onDecember 31. (a) Prepare the entriesto record these transactions.

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: On January 1, Guillen Corporation ha…

On January 1, Guillen Corporation ha 90,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following

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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Question

On January 1, Guillen Corporation had
90,000 shares of no-par common
stock issued and outstanding. The
stock has a stated value of $4 per
share. During the year, the following
occurred. Apr. 1 Issued 20,000
additional shares of common stock for
$16 per share. June 15 Declared a
cash dividend of $1 per share to
stockholders of record on June 30.
July 10 Paid the $1 cash dividend.
Dec. 1 Issued 1,000 additional shares
of common stock for $18 per share. 15
Declared a cash dividend on
outstanding shares of $1.00 per share
to stockholders of record on
December 31. (a) Prepare the entries
to record these transactions.

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