Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $40 to $10 per share. After the split, there were 660,000 common shares outstanding. Date Account Debit Credit Jan. 5. No Entry Required No Entry Required Mar. 10. Purchased 53,000 shares of the corporation's own common stock at $14, recording the stock at cost. Date Account Debit Credit Mar. 10. Treasury Stock Cash Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Apr. 30. Cash Dividends Cash Dividends Payable June 15. Paid the cash dividends. Date Account Debit Credit June 15. Cash Dividends Payable Cash Aug. 20. Sold 38,000 shares of treasury stock at $17, receiving cash. Date Account Debit Credit Aug 20. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Oct. 15. Declared semiannual dividends of $1.40 on the preferred stock and $0.21 on the common stock (before the stock dividend). Date Account Debit Credit Oct. 15. Cash Dividends Cash Dividends Payable Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $19. Date Account Debit Credit Oct. 15. Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock Dec. 19. Paid the cash dividends. Date Account Debit Credit Dec. 19. Cash Dividends Payable Cash Dec. 19. Issued the certificates for the common stock dividend. Date Account Debit Credit Dec. 31. Stock Dividends Distributable Common Stock

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 5. Split the common stock 4 for 1 and reduced the par from $40 to $10 per share. After the split, there were 660,000 common shares outstanding. Date Account Debit Credit Jan. 5. No Entry Required No Entry Required Mar. 10. Purchased 53,000 shares of the corporation's own common stock at $14, recording the stock at cost. Date Account Debit Credit Mar. 10. Treasury Stock Cash Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Apr. 30. Cash Dividends Cash Dividends Payable June 15. Paid the cash dividends. Date Account Debit Credit June 15. Cash Dividends Payable Cash Aug. 20. Sold 38,000 shares of treasury stock at $17, receiving cash. Date Account Debit Credit Aug 20. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Oct. 15. Declared semiannual dividends of $1.40 on the preferred stock and $0.21 on the common stock (before the stock dividend). Date Account Debit Credit Oct. 15. Cash Dividends Cash Dividends Payable Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $19. Date Account Debit Credit Oct. 15. Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock Dec. 19. Paid the cash dividends. Date Account Debit Credit Dec. 19. Cash Dividends Payable Cash Dec. 19. Issued the certificates for the common stock dividend. Date Account Debit Credit Dec. 31. Stock Dividends Distributable Common Stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Entries for Selected Corporate Transactions

Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:

Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 5. Split the common stock 4 for 1 and reduced the par from $40 to $10 per share. After the split, there were 660,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 5.	No Entry Required
	No Entry Required

Mar. 10. Purchased 53,000 shares of the corporation's own common stock at $14, recording the stock at cost.

Date	Account	Debit	Credit
Mar. 10.	Treasury Stock
	Cash

Apr. 30. Declared semiannual dividends of $1.40 on 40,000 shares of preferred stock and $0.15 on the common stock to stockholders of record on May 15, payable on June 15.

Date	Account	Debit	Credit
Apr. 30.	Cash Dividends
	Cash Dividends Payable

June 15. Paid the cash dividends.

Date	Account	Debit	Credit
June 15.	Cash Dividends Payable
	Cash

Aug. 20. Sold 38,000 shares of treasury stock at $17, receiving cash.

Date	Account	Debit	Credit
Aug 20.	Cash
	Treasury Stock
	Paid-In Capital from Sale of Treasury Stock

Oct. 15. Declared semiannual dividends of $1.40 on the preferred stock and $0.21 on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Oct. 15.	Cash Dividends
	Cash Dividends Payable

Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $19.

Date	Account	Debit	Credit
Oct. 15.	Stock Dividends
	Stock Dividends Distributable
	Paid-In Capital in Excess of Par-Common Stock

Dec. 19. Paid the cash dividends.

Date	Account	Debit	Credit
Dec. 19.	Cash Dividends Payable
	Cash

Dec. 19. Issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Dec. 31.	Stock Dividends Distributable
	Common Stock

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.