Court Casuals has 100,000 shares of common stock outstanding as of the beginning of the year and has the following transactions affecting stockholders' equity during the year. May 18 Issues 20,000 additional shares of $1 par value common stock for $40 per share. May 31 Purchases 4,000 shares of treasury stock for $41 per share. July 1 Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 10 Resells 2,100 shares of treasury stock purchased on May 31 for $49 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Court Casuals has 100,000 shares of common stock outstanding as of the beginning of the year and has the following transactions affecting stockholders' equity during the year. May 18 Issues 20,000 additional shares of $1 par value common stock for $40 per share. May 31 Purchases 4,000 shares of treasury stock for $41 per share. July 1 Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. July 31 Pays the cash dividend declared on July 1. August 10 Resells 2,100 shares of treasury stock purchased on May 31 for $49 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter12: Statement Of Stockholders’ Equity (stockeq)
Section: Chapter Questions
Problem 1R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...
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Court Casuals has 100,000 shares of common stock outstanding as of the beginning of the year and has the following transactions affecting
May | 18 | Issues 20,000 additional shares of $1 par value common stock for $40 per share. |
May | 31 | Purchases 4,000 shares of |
July | 1 | Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. |
July | 31 | Pays the cash dividend declared on July 1. |
August | 10 | Resells 2,100 shares of treasury stock purchased on May 31 for $49 per share. |
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No
- Record the issuance of 20,000 additional shares of $1 par value common stock for $40 per share.
Transaction General Journal Debit Credit May 18 - Record the purchase of 4,000 shares of treasury stock for $41 per share.
Transaction General Journal Debit Credit May 31 - Record the declaration of a cash dividend of $2 per share to all stockholders of record on July 15. Dividends are not paid on treasury stock.
Transaction General Journal Debit Credit Jul 01 - Record the payment of the cash the cash dividend declared on July 1.
Transaction General Journal Debit Credit Jul 31 - Record the resale of 2,100 shares of treasury stock purchased on May 31 for $49 per share.
Transaction General Journal Debit Credit Aug 10
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