Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: March 1: Issued 400,000 shares of stock at $9.75 per share June 15: Purchased 10,000 shares of treasury stock for $9 per share Sept 1: Declared a cash dividend of 10-cents per share on common stock Sept. 15: Record date for cash dividend Oct, 1: Paid cash dividend Journalize the transactions
Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: March 1: Issued 400,000 shares of stock at $9.75 per share June 15: Purchased 10,000 shares of treasury stock for $9 per share Sept 1: Declared a cash dividend of 10-cents per share on common stock Sept. 15: Record date for cash dividend Oct, 1: Paid cash dividend Journalize the transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first year, the company has the following transactions:
March 1: Issued 400,000 shares of stock at $9.75 per share
June 15: Purchased 10,000 shares of
Sept 1: Declared a cash dividend of 10-cents per share on common stock
Sept. 15: Record date for cash dividend
Oct, 1: Paid cash dividend
Journalize the transactions.
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