FULL SCREEN PRINTER VERSION BACK Exercise 11-13 Your answer is partially correct

Question

FULL SCREEN PRINTER VERSION BACK Exercise 11-13 Your answer is partially correct. Try again. On January 1, Guillen Corporation had 90,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred Apr. 1 Issued 21,500 additional shares of common stock for $18 per share June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July 10 Paid the $3 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.90 per share to stockholders of record on December 31. Prepare the entries. ch of the three dividend dates. (If no entry is required, select “No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Accont Tiles and Explanation Debit Credit ash 111,50 Dividends Payable 111,500 Dividends Payable 111,500 Cash 111,500 h Dividends 213750 Dividends Payable 2137 SHOW LIST OF ACCOUNTS SHOW SOLUTION

Explanation / Answer

Date

Particulars

Debit $

Credit $

15-Jun

Dividend (90,000 + 21,500 * 3)

$ 334,500

Dividends payable

$ 334,500

(To record dividends declared)

10-Jul

Dividends payable

$ 334,500

Cash

$ 334,500

(To pay recorded dividends)

15-Dec

Dividend (90,000 + 21,500 +1000 * 1.9)

$ 213,750

Dividends payable

$ 213,750

(To record dividends declared

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Date

Particulars

Debit $

Credit $

15-Jun

Dividend (90,000 + 21,500 * 3)

$ 334,500

Dividends payable

$ 334,500

(To record dividends declared)

10-Jul

Dividends payable

$ 334,500

Cash

$ 334,500

(To pay recorded dividends)

15-Dec

Dividend (90,000 + 21,500 +1000 * 1.9)

$ 213,750

Dividends payable

$ 213,750

(To record dividends declared

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