Record the journal entries for the 2 listed events below. 1. On June 13, 2022, Best Buy issued 20,000 shares of $5 par value preferred stock for cash at $30 per share. 2. On June 19, 2022, Best Buy declared a $0.95 per share cash dividend on 100,000 shares of $10 par value of preferred stock.

Record the journal entries for the 2 listed events below. 1. On June 13, 2022, Best Buy issued 20,000 shares of $5 par value preferred stock for cash at $30 per share. 2. On June 19, 2022, Best Buy declared a $0.95 per share cash dividend on 100,000 shares of $10 par value of preferred stock.

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Record the journal entries for the 2 listed events below.
1. On June 13, 2022, Best Buy issued 20,000 shares of $5 par value preferred stock for cash at $30 per share.
2. On June 19, 2022, Best Buy declared a $0.95 per share cash dividend on 100,000 shares of $10 par value of preferred
stock.

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