. Entries for Stock DividendsRed 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. Themarket 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 8Stock Dividends943,500Stock Dividends Distributable499,500Paid-In Capital in Excess of Par-Common Stock444,000July 13No Entry RequiredNo Entry RequiredAug. 12 Stock Dividends Distributable499,500Stock Dividends Distributable499,500 JournalShaded 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 orcredit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.How does grading work?PAGE 10JOURNALScore: 31/37ACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYApr. 5 Land259,000.001Common Stock37,000.003Paid in capital in excess of par - Common222,000.00InstructionsOn 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 notuse lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a creditentry when a credit amount is entered.

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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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