On January 1, Wildhorse Corporation had 100,000 shares of no-par common stock issued. 9,400 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 13,000 additional shares of common stock for $17 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 Purchased 13,000 additional shares of common stock for $16 per share. 15 Declared a cash dividend of $1.20 per share to stockholders of record on December 31. (a) Your answer is partially correct. Prepare the entries, if any, on each of the three dividend dates. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Cash Dividends Dividends Payable Dividends Payable Cash Cash Dividends Dividends Payable Debit 113000 113000 120000 Credit 113000 113000 120000

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

A9

On January 1, Wildhorse Corporation had 100,000 shares of no-par common stock issued. 9,400 shares are held as treasury stock.
The stock has a stated value of $5 per share. During the year, the following occurred.
Apr. 1 Issued 13,000 additional shares of common stock for $17 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 Purchased 13,000 additional shares of common stock for $16 per share.
15 Declared a cash dividend of $1.20 per share to stockholders of record on December 31.
(a)
Your answer is partially correct.
Prepare the entries, if any, on each of the three dividend dates. (Record journal entries in the order presented in the problem. List all
debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Credit
Account Titles and Explanation
Cash Dividends
Dividends Payable
Dividends Payable
Cash
Cash Dividends
Dividends Payable
Debit
113000
113000
120000
113000
113000
120000
Transcribed Image Text:On January 1, Wildhorse Corporation had 100,000 shares of no-par common stock issued. 9,400 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 13,000 additional shares of common stock for $17 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 Purchased 13,000 additional shares of common stock for $16 per share. 15 Declared a cash dividend of $1.20 per share to stockholders of record on December 31. (a) Your answer is partially correct. Prepare the entries, if any, on each of the three dividend dates. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Credit Account Titles and Explanation Cash Dividends Dividends Payable Dividends Payable Cash Cash Dividends Dividends Payable Debit 113000 113000 120000 113000 113000 120000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

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