Selected transactions completed by Canyon Ferry Boating Corporation during the c

Question

Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:

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.

CHART OF ACCOUNTSCanyon Ferry Boating CorporationGeneral Ledger

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.

PAGE 10

JOURNAL

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Jan. 8 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 171,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.70 on 16,000 shares of preferred stock and $0.21 on the common stock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of $0.70 on the preferred stock and $0.16 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $54. Dec. 31 Paid the cash dividends and issued the certificates for the common stock dividend.

Explanation / Answer

Canyon Ferry Boating Corporation DATE PARTICULAR DEBIT CREDIT 1) 8-Jan NO ENTRY 2) 30-Apr Retained Earning $    47,110.00     To Cash Dividend Payable $    47,110.00 3) 1-Jul Cash Dividend Payable Payable $    47,110.00     To Cash $    47,110.00 4) 31-Oct Retained Earning $    38,560.00    To Cash Dividend $    38,560.00 4) 31-Oct Retained Earning $ 184,680.00      To Stock dividend distributable $ 136,800.00      To Paid in capital in excess of par,commom stock $    47,880.00 5) 1-Dec Cash Dividend Payable $    38,560.00 Stock dividend distributable $ 136,800.00     To Cash $    38,560.00      To Common Stock $ 136,800.00

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