Required Information [The following information applies to the questions displayed below.] Refer to the following transactions. a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share. b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share. d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share. e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share. f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share was $39. Prepare the journal entries to record each of the above 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.] Refer to the following transactions. a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share. b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share. d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share. e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share. f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share was $39. Prepare the journal entries to record each of the above 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
![Required Information
[The following information applies to the questions displayed below.]
Refer to the following transactions.
a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share.
b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value
common stock issued and outstanding throughout the year.
c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred
stock was $16 per share.
d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share.
e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share.
f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share
was $39.
Prepare the journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No
journal entry required" In the first account fleld.)
View transaction list
Journal entry worksheet
<
1 2
Record the sale of 2,010 shares of $9 par value preferred stock at $14.5 per
share.
Note: Enter debits before credits.
Transaction
a
3 4 5 6
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6db4719a-9a82-4a68-9040-c81531e716f9%2F8a39d1fc-c81f-4f00-8722-8a6823696354%2F0wwmfjc_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Refer to the following transactions.
a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share.
b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value
common stock issued and outstanding throughout the year.
c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred
stock was $16 per share.
d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share.
e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share.
f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share
was $39.
Prepare the journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No
journal entry required" In the first account fleld.)
View transaction list
Journal entry worksheet
<
1 2
Record the sale of 2,010 shares of $9 par value preferred stock at $14.5 per
share.
Note: Enter debits before credits.
Transaction
a
3 4 5 6
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
![!
Required Information
[The following information applies to the questions displayed below.]
Refer to the following transactions.
a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share.
b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value
common stock issued and outstanding throughout the year.
c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred
stock was $16 per share.
d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share.
e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share.
f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share
was $39.
Required:
Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) sign
and the amount in the appropriate column. Do not show items that affect net income in the retained earnings column.
Other Assets Liabilities Paid-in Capital Retained Earnings Treasury Stock
Transaction
a.
b.
C.
d.
f.
Cash
Net Income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6db4719a-9a82-4a68-9040-c81531e716f9%2F8a39d1fc-c81f-4f00-8722-8a6823696354%2F4ufii4p_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required Information
[The following information applies to the questions displayed below.]
Refer to the following transactions.
a. Sold 2,010 shares of $9 par value preferred stock at $14.50 per share.
b. Declared the annual cash dividend of $3.6 per share on common stock. There were 9,000 shares of $1 par value
common stock issued and outstanding throughout the year.
c. Issued 3,400 shares of $11.5 par value preferred stock in exchange for a building when the market price of preferred
stock was $16 per share.
d. Purchased 180 shares of preferred stock for the treasury at a price of $12.00 per share.
e. Sold 70 shares of the preferred stock held in treasury (see d) for $17.5 per share.
f. Declared and issued a 20% stock dividend on the $1 par value common stock (see b) when the market price per share
was $39.
Required:
Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus (-) sign
and the amount in the appropriate column. Do not show items that affect net income in the retained earnings column.
Other Assets Liabilities Paid-in Capital Retained Earnings Treasury Stock
Transaction
a.
b.
C.
d.
f.
Cash
Net Income
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