Starborn Manufacturing Co. completed the following transactions during 2024. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Starborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16. Declared a cash dividend on the 4%, $100 par noncumulative preferred stock (950 shares outstanding). Declared a $0.50 per share dividend on the 105.000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Date Accounts and Explanation Debit Credit Jan 16 Requirements 1. Record the transactions in Starborn's general journal. 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starborn was authorized to issue 2,000 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earings as of December 31, 2024, is $2,030,000 Print Done X More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 4%, $100 par noricumulative preferred stock (950) shares outstanding). Declared a $0.50 per share dividend on the 105,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment. date is February 15. Paid the cash dividends Split common stock 2-for-1. Declared a 40% stock dividend on the common stock. The market value of the common stock was $0 per share. Distributed the stock dividend. Purchased 5,400 shares of treasury stock at $11 per share. Sold 2,700 shares of treasury stock for S13 per share. Sold 1,600 shares of treasury stock for $7 per share. Print Done X
Starborn Manufacturing Co. completed the following transactions during 2024. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Starborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16. Declared a cash dividend on the 4%, $100 par noncumulative preferred stock (950 shares outstanding). Declared a $0.50 per share dividend on the 105.000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Date Accounts and Explanation Debit Credit Jan 16 Requirements 1. Record the transactions in Starborn's general journal. 2. Prepare the Starborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Starborn was authorized to issue 2,000 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earings as of December 31, 2024, is $2,030,000 Print Done X More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 4%, $100 par noricumulative preferred stock (950) shares outstanding). Declared a $0.50 per share dividend on the 105,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment. date is February 15. Paid the cash dividends Split common stock 2-for-1. Declared a 40% stock dividend on the common stock. The market value of the common stock was $0 per share. Distributed the stock dividend. Purchased 5,400 shares of treasury stock at $11 per share. Sold 2,700 shares of treasury stock for S13 per share. Sold 1,600 shares of treasury stock for $7 per share. Print Done X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Starborn Manufacturing Co. completed the following transactions during 2024:
(Click the icon to view the transactions.)
Read the requirements.
Requirement 1. Record the transactions in Starborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining
cells blank.)
Jan. 16. Declared a cash dividend on the 4%, $100 par noncumulative preferred stock (950 shares outstanding). Declared a $0.50 per share dividend on the 105,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15.
Date
Debit
Credit
Accounts and Explanation
Jan 16
Requirements
1. Record the transactions in Starborn's general journal.
2. Prepare the Starborn's stockholders' equity section of the balance sheet as of
December 31, 2024. Assume that Starborn was authorized to issue 2,000
shares of preferred stock and 400,000 shares of common stock. Both
preferred stock and common stock were issued at par. The ending balance of
retained earings as of December 31, 2024, is $2,030,000.
Print
Done
X
More info
Jan. 16
Feb. 15
Jun. 10
Jul. 30
Aug. 15
Oct. 26
Nov. 8
Nov. 30
Declared a cash dividend on the 4%, $100 par noricumulative preferred stock (950
shares outstanding). Declared a $0.50 per share dividend on the 105,000 shares of $6
par value common stock outstanding. The date of record is January 31, and the payment
date is February 15.
Paid the cash dividends
Split common stock 2-for-1.
Declared a 40% stock dividend on the common stock. The market value of the common
stock was $0 per share.
Distributed the stock dividend
Purchased 5,400 shares of treasury stock at $11 per share.
Sold 2,700 shares of treasury stock for S13 per share
Sold 1,600 shares of treasury stock for $7 per share.
Print
Done
X
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