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Question 14 Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding ..$ 300,000 Paid in Capital in Excess of Par Value, Common Stock Retained Eamings The following transactions occurred during 2021: 1. Feb. 20: Purchased 2,000 of its own shares for $ 18 per share. 2. March 10: Declared a $2 per share cash dividend on the outstanding common stock 3. April 07: Paid the cash dividends declared early in March 10. 4. May 20: Sold all treasury shares for $19 each, 5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10; The market value of stock on Oct. 1 was $14 per share. 6. Dec. 10: Distributed the shares which declared on Oct. 1. 7. Dec. 25: Implemented a 2-for-1 stock split, when the market value of stock was $26 per share, NOTE: If there is no entry, please write: "NO ENTRY" Required: Prepare Journal entries to record transactions that occurred during 2021. 200,000 500,000 DEDDTE 9 CR EDITS

Question 14 Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding ..$ 300,000 Paid in Capital in Excess of Par Value, Common Stock Retained Eamings The following transactions occurred during 2021: 1. Feb. 20: Purchased 2,000 of its own shares for $ 18 per share. 2. March 10: Declared a $2 per share cash dividend on the outstanding common stock 3. April 07: Paid the cash dividends declared early in March 10. 4. May 20: Sold all treasury shares for $19 each, 5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10; The market value of stock on Oct. 1 was $14 per share. 6. Dec. 10: Distributed the shares which declared on Oct. 1. 7. Dec. 25: Implemented a 2-for-1 stock split, when the market value of stock was $26 per share, NOTE: If there is no entry, please write: "NO ENTRY" Required: Prepare Journal entries to record transactions that occurred during 2021. 200,000 500,000 DEDDTE 9 CR EDITS

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 14 Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding ....$ 300,000 Paid in Capital in Excess of Par Value, Common Stock Retained Eamings The following transactions occurred during 2021: 1. Feb. 20: Purchased 2,000 of its own shares for $ 18 per share. 2. March 10: Declared a $2 per share cash dividend on the outstanding common stock. 3. April 07: Paid the cash dividends declared early in March 10. 4. May 20: Sold all treasury shares for $19 each. 5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10; The market value of stock on Oct. 1 was $14 per share. 6. Dec. 10: Distributed the shares which declared on Oct. 1. 7. Dec. 25: Implemented a 2-for-1 stock split, when the market value of stock was $26 per share. NOTE: If there is no entry, please write: "NO ENTRY" Required: Prepare Journal entries to record transactions that occurred during 2021. 200,000 500,000 CLEARLY INDICATE THE DEBITS & CREDITS Example: on 1 January 2020, XYZ Company pays S10,000 cash to purchase land Answer: 1/1/2020 Dr. Land Cr. Cash 10,000 10,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 10pt *回自Q50 Arial. !!!
Transcribed Image Text:Question 14 Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding ....$ 300,000 Paid in Capital in Excess of Par Value, Common Stock Retained Eamings The following transactions occurred during 2021: 1. Feb. 20: Purchased 2,000 of its own shares for $ 18 per share. 2. March 10: Declared a $2 per share cash dividend on the outstanding common stock. 3. April 07: Paid the cash dividends declared early in March 10. 4. May 20: Sold all treasury shares for $19 each. 5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10; The market value of stock on Oct. 1 was $14 per share. 6. Dec. 10: Distributed the shares which declared on Oct. 1. 7. Dec. 25: Implemented a 2-for-1 stock split, when the market value of stock was $26 per share. NOTE: If there is no entry, please write: "NO ENTRY" Required: Prepare Journal entries to record transactions that occurred during 2021. 200,000 500,000 CLEARLY INDICATE THE DEBITS & CREDITS Example: on 1 January 2020, XYZ Company pays S10,000 cash to purchase land Answer: 1/1/2020 Dr. Land Cr. Cash 10,000 10,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 10pt *回自Q50 Arial. !!!
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