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 21 Issue 120,000 shares of common stock for $65 per share.. February 14 Issue 55,000 shares of preferred stock for $13 per share. May May 31 Purchase 12,000 shares of its own common stock for $55 per share. Resell 6,000 shares of treasury stock for $60 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,000 (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.)
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 21 Issue 120,000 shares of common stock for $65 per share.. February 14 Issue 55,000 shares of preferred stock for $13 per share. May May 31 Purchase 12,000 shares of its own common stock for $55 per share. Resell 6,000 shares of treasury stock for $60 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,000 (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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: acounting
![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:
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.)
No
1
January 2 Issue 120,000 shares of common stock for $65 per share.
February 14 Issue 55,000 shares of preferred stock for $13 per share.
Purchase 12,000 shares of its own common stock for $55 per share.
Resell 6,000 shares of treasury stock for $60 per share.
May 8
May 31
December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,000 (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.
Date
January 02, 2024 Cash
Answer is not complete.
General Journal
Common Stock
Additional Paid-In Capital
000
Debit
7,800,000
Credit
120,000
7,680,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F472621be-5969-4a54-b52e-f83201e6e65c%2F52711c57-c6f9-428d-b51e-067e64f2bece%2Fle7fxla_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:
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.)
No
1
January 2 Issue 120,000 shares of common stock for $65 per share.
February 14 Issue 55,000 shares of preferred stock for $13 per share.
Purchase 12,000 shares of its own common stock for $55 per share.
Resell 6,000 shares of treasury stock for $60 per share.
May 8
May 31
December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,000 (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.
Date
January 02, 2024 Cash
Answer is not complete.
General Journal
Common Stock
Additional Paid-In Capital
000
Debit
7,800,000
Credit
120,000
7,680,000
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