talian Stallion has the following transactions during the year related to stockh

Question

talian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 6,000 shares of no-par common stock for $16 per share. May 15 issues 700 shares of $10 par value, 12.5% preferred stock for $13 per share October 1 Declares a cash dividend of $1.25 per share to all stockholders of record (both common and preferred) on October 15 October 15 Date of record. October 31 Pays the cash dividend declared on October 1 Required Record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Issues 6,000 shares of no-par common stock for $16 per share. Note: Enter debits before credits. Date February 01 General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Date General journal Debit credit 1-Feb Cash 96000 Common stock 96,000 15-May Cash (700*13) 9100 preferred stock 7000 paid in capital in excess of par 2100 1-Oct Cash dividend 8375 Dividends payable- PS (10*12.5%*700) 875 dividends payable -CS (6000*1.25) 7500 15-Oct no entry 31-Oct dividends payable PS 875 Dividends payable - CS 7500 Cash 8,375

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.