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
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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F35b8eaa4-851c-4a78-8b8b-c59cd6b8a072%2F022215e4-e886-46af-b4ee-5d506b17b6df%2F7oe0gv_processed.jpeg&w=3840&q=75)
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.)
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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