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Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $51 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Stock Dividends June 8 943,500 Stock Dividends Distributable 499,500 Paid-In Capital in Excess of Par-Common Stock 444,000 July 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable 499,500 Stock Dividends Distributable 499,500

Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $51 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Stock Dividends June 8 943,500 Stock Dividends Distributable 499,500 Paid-In Capital in Excess of Par-Common Stock 444,000 July 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable 499,500 Stock Dividends Distributable 499,500

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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Entries for Stock Dividends Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $51 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. June 8 Stock Dividends 943,500 Stock Dividends Distributable 499,500 Paid-In Capital in Excess of Par-Common Stock 444,000 July 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable 499,500 Stock Dividends Distributable 499,500
Transcribed Image Text:Entries for Stock Dividends Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $51 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. June 8 Stock Dividends 943,500 Stock Dividends Distributable 499,500 Paid-In Capital in Excess of Par-Common Stock 444,000 July 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable 499,500 Stock Dividends Distributable 499,500
Journal Shaded cells have feedback. Journalize the entry to record the transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE 10 JOURNAL Score: 31/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Apr. 5 Land 259,000.00 1 Common Stock 37,000.00 3 Paid in capital in excess of par - Common 222,000.00 Instructions On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 7,400 shares of $5 par common stock valued at $35 per share. Required: Journalize the entry to record the transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Transcribed Image Text:Journal Shaded cells have feedback. Journalize the entry to record the transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE 10 JOURNAL Score: 31/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Apr. 5 Land 259,000.00 1 Common Stock 37,000.00 3 Paid in capital in excess of par - Common 222,000.00 Instructions On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 7,400 shares of $5 par common stock valued at $35 per share. Required: Journalize the entry to record the transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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