A. Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do notindent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for theamounts)Date Account Titles and ExplanationApr. 15Cash DividendsDividends PayableJul. 10(To record declaration of cash dividend)Date Account Titles and Explanation3. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not Indentmanually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Dividends PayableCashDebit(To record payment of cash dividend)CreditDebitCredit On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following transactions occurredduring the year.April 15: Declared a cash dividend of $0.80 per share to stockholders of record on May 31.July 10: Paid the $0.80 cash dividend.A Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do notIndent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for theamounts)Date Account Titles and ExplanationApr. 15Cash DividendsDividends Payable(To record declaration of cash dividend)DebitDate Account TitleCreditB. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.)

The dividend is the amount of profit the company distributes to the shareholders of the company. It…

Answered: On January 1, Icecap had 7,900 shares…

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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The declaration, record, and payment dates in connection with a cash dividend of $76,700 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1 ▼
On June 1, Tamarisk, Inc. issues 2,900 shares of no-par common stock at a cash price of $5 per share.Journalize the issuance of the shares. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit June 1 enter an account title enter a debit amount enter a credit amount enter an account title
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On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 55 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 107,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Ayayai Corp. has 210,000 shares of $10 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the market price per share is $15. The dividend shares are issued on December 31. Prepare the entries for the declaration and distribution of the stock dividend. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit
Larkspur, Inc. has 49,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Date Dec. 1 Dec. 31 Account Titles and Explanation Debit Credit
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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.
Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a $0.75 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends.
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) No. Account Titles and Explanation (a) (b) The stock had a par value of $5.25 per share and was issued for a total of $46,500. The stock had a stated value of $5.25 per share and was issued for a total of $46,500. The stock had no par or stated value and was issued for a total of $46,500. The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. The stock had a par value of $5.25 per share and was issued for land worth $46,500. (c) (d) (e) J Debit Credit

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