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anyanavicka [17]
3 years ago
15

A company has the following transactions during the year related to stockholders’ equity.

Business
1 answer:
Ivanshal [37]3 years ago
5 0

Answer:

Journal entries are given below

Explanation:

February 1

(Issues 5,000 shares of no-par common stock for $15 per share)

                                          DEBIT       CREDIT

Cash(5000 x $15)            $75,000

Common stock                                    $75,000

May 15

(Issues 500 shares of $10 par value, 7.5% preferred stock for $12 per share)

                                             DEBIT       CREDIT

Cash (500x$12)                   $6,000

Preferred stock (500x$10)                    $5,000

Additional paid in capital                       $1,000    

October 1

Declares a cash dividend of $0.75 per share    

                                                             DEBIT       CREDIT

Retained Earnings (5500x$0.75)       $4,125

Dividend Payable                                                  $4,125

October 15 Date of Record

No Entry Required

October 31 Pays the cash dividend

                                           DEBIT       CREDIT

Dividend Payable              $4,125

Cash                                                   $4,125

       

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