Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8. Split the common stock 2 for 1 and reduced the par from $100 to $50 per share. After the split, there were 300,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.60 per share on 16,000 shares of preferred stock and $0.22 per share on the common stock payable on July 1. Jul. Paid the cash dividends Oct 31 Declared semiannual dividends of $0.60 per share on the preferred stock and $0.11 per share on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $56. Dec. 31 Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions. If no entry is required, simply skip to the next transaction., Refer to the Chart of Accounts for exact wording of account titles. Enter the October 31 and December 31 transactions as two separate journal entries on each date.
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8. Split the common stock 2 for 1 and reduced the par from $100 to $50 per share. After the split, there were 300,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.60 per share on 16,000 shares of preferred stock and $0.22 per share on the common stock payable on July 1. Jul. Paid the cash dividends Oct 31 Declared semiannual dividends of $0.60 per share on the preferred stock and $0.11 per share on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $56. Dec. 31 Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions. If no entry is required, simply skip to the next transaction., Refer to the Chart of Accounts for exact wording of account titles. Enter the October 31 and December 31 transactions as two separate journal entries on each date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Enter the October 31 and December 31 transactions as two separate journal entries on each date.
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PAGE 10
JOURNAL
Score: 132/163
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Apr. 30
Cash Dividends
22,000.00
1
Cash Dividends Payable
24,690.00
2
Jul. 1
Cash Dividends Payable
24,690.00
3
4
Cash
24,690.00
5
Oct. 31
Cash Dividends
23,280.00
Cash Dividends Payable
23,280.00
6
7
Stock Dividends
106,750.00
Stock Dividends Distributable
60,480.00
9
Paid-In Capital in Excess of Par-Common Stock
47,520.00
Dec. 31
Cash Dividends Payable
23,280.00
10
11
Cash
20,920.00
12
Stock Dividends Distributable
59,220.00
13
Common Stock
60,480.00
Transcribed Image Text:Chapter 12 Homework
еBook
Print Item
Instructions
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:
Jan.
8
Split the common stock 2 for 1 and reduced the par from $100 to $50 per share. After the split, there
were 300,000 common shares outstanding.
Apг.
30
Declared semiannual dividends of $0.60 per share on 16,000 shares of preferred stock and $0.22 per
share on the common stock payable on July 1.
Jul.
1
Paid the cash dividends.
Oct.
31
Declared semiannual dividends of $0.60 per share on the preferred stock and $0.11 per share on the
common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on
the common stock outstanding. The fair market value of the common stock is estimated at $56.
Dec.
31
Paid the cash dividends and issued the certificates for the common stock dividend.
Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Enter the October 31 and December 31 transactions as two separate journal entries on each date.
Journal
Shaded cells have feedback.
Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Enter the October 31 and December 31 transactions as two separate journal entries on each date.
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DAGE 10
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