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Required information [The following information applies to the questions displayed below] Golf Apparel has two classes of stock authorized 4%. $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue $2,000 shares of preferred stock for $13 per share. May Purchase 12,000 shares of its own common stock for $52 per share. Resell 6,000 shares of treasury stock for $57 per share. May 31 December 1 Declare a cash dividend on its common stock of 18.60 per share and a $20,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30, (Hint: Dividends are not pald on treasury stock.) December 30 Pay the cash dividends declared on December 1, Required: 1. Record each of these transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first

Required information [The following information applies to the questions displayed below] Golf Apparel has two classes of stock authorized 4%. $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue $2,000 shares of preferred stock for $13 per share. May Purchase 12,000 shares of its own common stock for $52 per share. Resell 6,000 shares of treasury stock for $57 per share. May 31 December 1 Declare a cash dividend on its common stock of 18.60 per share and a $20,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30, (Hint: Dividends are not pald on treasury stock.) December 30 Pay the cash dividends declared on December 1, Required: 1. Record each of these transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first

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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Required information. [The following information applies to the questions displayed below] Golf Apparel has two classes of stock authorized 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue $2,000 shares of preferred stock for $13 per share. Hay B May 31 Purchase 12,000 shares Resell 6,000 shares of of its own common stock for $52 per share. treasury stock for $57 per share. December 1 Declare a cash dividend on its common stock of 10.60 per share and a $20,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1, Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)
Transcribed Image Text:Required information. [The following information applies to the questions displayed below] Golf Apparel has two classes of stock authorized 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue $2,000 shares of preferred stock for $13 per share. Hay B May 31 Purchase 12,000 shares Resell 6,000 shares of of its own common stock for $52 per share. treasury stock for $57 per share. December 1 Declare a cash dividend on its common stock of 10.60 per share and a $20,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1, Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)
Journal entry worksheet < 2 3 Record entry Note: Enter debits before credits. Date January 02, 2024 Accounts Receivable Common Stock Additional Paid-in Capital) Record the issuance of 120,000 shares of common stock for $62 per share. 5 General Journal Clear entry 7 Debit Credit View general journal
Transcribed Image Text:Journal entry worksheet < 2 3 Record entry Note: Enter debits before credits. Date January 02, 2024 Accounts Receivable Common Stock Additional Paid-in Capital) Record the issuance of 120,000 shares of common stock for $62 per share. 5 General Journal Clear entry 7 Debit Credit View general journal
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