The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the journal entry. Then prepare the stockholder's equity section of the balance sheet. Note: Cougar Corp. earned $100,000 of net income. a. Cougar Corp. sold 6,000 shares of $3 par value common stock for $27,000. b. Cougar Corp. declared dividends of $4/share. c. Cougar Corp. paid dividends declared in (b.). d. Cougar Corp. repurchased 1,500 shares of the stock sold in (a.) for $15/share. e. Cougar Corp. sold 500 of the shares purchased in (d.) for $21/share. DR CR Date
The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the journal entry. Then prepare the stockholder's equity section of the balance sheet. Note: Cougar Corp. earned $100,000 of net income. a. Cougar Corp. sold 6,000 shares of $3 par value common stock for $27,000. b. Cougar Corp. declared dividends of $4/share. c. Cougar Corp. paid dividends declared in (b.). d. Cougar Corp. repurchased 1,500 shares of the stock sold in (a.) for $15/share. e. Cougar Corp. sold 500 of the shares purchased in (d.) for $21/share. DR CR Date
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following transactions occurred during the first year of operations for Cougar Corp.
for each transaction prepare the journal entry.
Then prepare the stockholder's eguity section of the balance sheet.
Note: Cougar Corp. earned $100,000 of net income.
a. Cougar Corp. sold 6,000 shares of $3 par value common stock for $27,000.
b. Cougar Corp. declared dividends of $4/share.
c. Cougar Corp. paid dividends declared in (b.).
d. Cougar Corp. repurchased 1, 500 shares of the stock sold in (a.) for $15/share.
e. Cougar Corp. sold 500 of the shares purchased in (d.) for $21/share.
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