On January 1, 2024, Accustart Corporation had 84,000 common shares, recorded at $659,400, and retained earnings of $1 million During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Aug. 21 Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $27 on September 20. Issued 2,900 common shares at $24 per share. Nov. 1 Dec. 20 Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on Januar 10.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2024, Accustart Corporation had 84,000 common shares, recorded at $659,400, and retained earnings of $1 million.
During the year, the following transactions occurred:
Apr. 2
June 15
Aug. 21
Nov.
Dec. 20
(a)
Issued 5,000 common shares at $20 per share.
Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10.
Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20.
The shares were trading for $22 a share on August 21, $24 on September 5, and $27 on September 20.
Issued 2,900 common shares at $24 per share.
Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January
10.
Your answer is partially correct.
Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.)
Transcribed Image Text:On January 1, 2024, Accustart Corporation had 84,000 common shares, recorded at $659,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15 Aug. 21 Nov. Dec. 20 (a) Issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $27 on September 20. Issued 2,900 common shares at $24 per share. Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January 10. Your answer is partially correct. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.)
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