Question Content Area Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 700,000 common shares outstanding. Date Account Debit Credit Jan. 5. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $43, recording the stock at cost. Date Account Debit Credit Mar. 10. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.33 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Apr. 30. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 June 15. Paid the cash dividends. Date Account Debit Credit June 15. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 Aug. 20. Sold 40,000 shares of treasury stock at $50, receiving cash. Date Account Debit Credit Aug 20. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 Oct. 15. Declared semiannual dividends of $1.40 on the preferred stock and $0.39 on the common stock (before the stock dividend). Date Account Debit Credit Oct. 15. fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Date Account Debit Credit Oct. 15. fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 Dec. 19. Paid the cash dividends. Date Account Debit Credit Dec. 19. fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 Dec. 19. Issued the certificates for the common stock dividend. Date Account Debit Credit Dec. 31. fill in the blank 56 fill in the blank 57 fill in the blank 59 fill in the blank 60

Question Content Area Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 700,000 common shares outstanding. Date Account Debit Credit Jan. 5. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $43, recording the stock at cost. Date Account Debit Credit Mar. 10. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.33 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Apr. 30. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 June 15. Paid the cash dividends. Date Account Debit Credit June 15. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 Aug. 20. Sold 40,000 shares of treasury stock at $50, receiving cash. Date Account Debit Credit Aug 20. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 Oct. 15. Declared semiannual dividends of $1.40 on the preferred stock and $0.39 on the common stock (before the stock dividend). Date Account Debit Credit Oct. 15. fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Date Account Debit Credit Oct. 15. fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 Dec. 19. Paid the cash dividends. Date Account Debit Credit Dec. 19. fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 Dec. 19. Issued the certificates for the common stock dividend. Date Account Debit Credit Dec. 31. fill in the blank 56 fill in the blank 57 fill in the blank 59 fill in the blank 60

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 Content Area

Entries for Selected Corporate Transactions

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:

Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 5. Split the common stock 4 for 1 and reduced the par from $160 to $40 per share. After the split, there were 700,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 5.		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6

Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $43, recording the stock at cost.

Date	Account	Debit	Credit
Mar. 10.		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12

Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.33 on the common stock to stockholders of record on May 15, payable on June 15.

Date	Account	Debit	Credit
Apr. 30.		fill in the blank 14	fill in the blank 15
		fill in the blank 17	fill in the blank 18

June 15. Paid the cash dividends.

Date	Account	Debit	Credit
June 15.		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24

Aug. 20. Sold 40,000 shares of treasury stock at $50, receiving cash.

Date	Debit	Credit
Aug 20.	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33

Oct. 15. Declared semiannual dividends of $1.40 on the preferred stock and $0.39 on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Oct. 15.		fill in the blank 35	fill in the blank 36
		fill in the blank 38	fill in the blank 39

Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52.

Date	Debit	Credit
Oct. 15.	fill in the blank 41	fill in the blank 42
	fill in the blank 44	fill in the blank 45
	fill in the blank 47	fill in the blank 48

Dec. 19. Paid the cash dividends.

Date	Account	Debit	Credit
Dec. 19.		fill in the blank 50	fill in the blank 51
		fill in the blank 53	fill in the blank 54

Dec. 19. Issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Dec. 31.		fill in the blank 56	fill in the blank 57
		fill in the blank 59	fill in the blank 60

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