On January 1, Flint Corporation had 62,900 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 June 15 July 10 Dec. 1 Dec. 15 Issued 18,000 additional shares of common stock for $13 per share. Declared a cash dividend of $1.95 per share to stockholders of record on June 30. Paid the $1.95 cash dividend. Issued 8,000 additional shares of common stock for $13 per share. Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Date Account Titles and Explanation Debit Credit
On January 1, Flint Corporation had 62,900 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions
occurred.
Apr. 1
June 15
July 10
Dec. 1
Dec. 15
Issued 18,000 additional shares of common stock for $13 per share.
Declared a cash dividend of $1.95 per share to stockholders of record on June 30.
Paid the $1.95 cash dividend.
Issued 8,000 additional shares of common stock for $13 per share.
Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.
(a) Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.)
Transcribed Image Text:On January 1, Flint Corporation had 62,900 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 June 15 July 10 Dec. 1 Dec. 15 Issued 18,000 additional shares of common stock for $13 per share. Declared a cash dividend of $1.95 per share to stockholders of record on June 30. Paid the $1.95 cash dividend. Issued 8,000 additional shares of common stock for $13 per share. Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.)
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