**Dividend Declaration and Payment Journal Entries for Skysong Company**On November 27, the board of directors of Skysong Company declared a $0.50 per share dividend. The dividend is payable to shareholders of record on December 7 and will be distributed on December 24. As of November 27, Skysong has 26,000 shares of $1 par common stock outstanding.### Journalizing the EntriesTo properly record these transactions, journalize the entries needed on both the declaration and payment dates. Follow these guidelines for the journal entries:- **Credit account titles will be automatically indented when the amount is entered.**- **Avoid manual indentation.**- **If no entry is required for a particular date, select "No Entry" for the account titles and enter 0 for the amounts.**- **Always record journal entries in the order presented and ensure all debit entries are listed before credit entries.**#### Journal Entry Table:| Date | Account Titles and Explanation | Debit | Credit ||------|--------------------------------|-------|--------|| | | | || | | | || | | | |Note: Ensure that all necessary calculations for debit and credit amounts are completed prior to finalizing your entries.

INTRODUCTION: Journal entry is the act of recording transactions in an accounting journal. An…

Answered: On November 27, the board of directors…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.
On June 1, Sage Hill Inc. issues 2,500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) June 1 Assets Cash Liabilities Paid-in-Capital Common Stock Revenue Stockholders' Equity Expense Retained Earnings Dividend
Bonita Inc. has outstanding 10,400 shares of $10 par value common stock. On July 1, 2020, Bonitareacquired 107 shares at $87 per share. On September 1, Bonita reissued 61 shares at $94 per share. On November 1, Bonita reissued 46 shares at $84 per share.Prepare Bonita’s journal entries to record these transactions using the cost method. (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.)
Give me correct answer and explanation please.vi
On November 27, the board of directors of Armstrong Company declared a $.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Armstrong has 25,500 shares of $1 par common stock outstanding at November 27.Journalize the entries needed on the declaration and payment dates.
Flint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,500 shares of treasury stock for cash at $75 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. 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 eTextbook and Media Debit Credit
Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter o for the amounts.)
Give me correct answer with explanation.j
On February 1 of the current year, Motor, Inc., issued 600 shares of $3 par common stock to an attorney in return for preparing and filing the articles of incorporation. The value of the services is $8,700. Journalize this transaction. If an amount box does not require an entry, leave it blank. Feb. 1
Please follow the format
Sunland Corporation issued 310 shares of $10 par value common stock for $4,650.Prepare Sunland’s journal entry. (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.)
Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash 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"

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