On January 1, Pharoah Corporation had 91,500 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 23,000 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 31. (a) Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
On January 1, Pharoah Corporation had 91,500 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 23,000 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 31. (a) Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, Pharoah Corporation had 91,500 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.
1 Issued 23,000 additional shares of common stock for $19 per share.
Apr.
June 15
Declared a cash dividend of $2 per share to stockholders of record on June 30.
July 10
Paid the $2 cash dividend.
Dec.
1
Issued 2,000 additional shares of common stock for $18 per share.
15
Declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 31.
(a)
Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts.
Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
>
>
>
>
Debit
Credit
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