Answered: On January 1, Sheridan Enterprises had… | bartleby

FINANCIAL ACCOUNTING

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, Sheridan Enterprises had 96,000 no-par ordinary shares issued and outstanding. The shares have a stated value of
€5 per share. During the year, the following occurred.
Apr. 1
June 15
July 10
Dec. 1
15
Issued 25,000 additional ordinary shares for €15 per share.
Declared a cash dividend of €1 per share to shareholders of record on June 30.
Paid the €1 cash dividend.
Issued 2,700 additional ordinary shares for €20 per share.
Declared a cash dividend on outstanding shares of €1.30 per share to shareholders of record on December 31.
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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