please give ruight answer explain for 27 nov 1. Record the transactions in the general journal. 1-Feb: Issued 23,000 shares of Common Stock at $27 per share. Date Account DR CR 6-Feb Cash Correct $621,000 Correct Common Stock $10 Par Value Correct $230,000 Correct Paid-in Capital in Excess of Par Value-Common Stock Correct $391,000 Correct 6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. Date Account DR CR 6-Feb Stock Dividend Correct $27,500 Correct Common Stock Dividend Distributable Correct $11,000 Correct Paid-in Capital in Excess of Par Value-Common Stock Correct $16,500 Correct 15-Feb: Distributed the stock dividend Date Account DR CR 15-Feb Common Stock Dividend Distributable Correct $11,000 Correct Common Stock $10 Par Value Correct $11,000 Correct 29-Jul: Purchased 2,000 shares of treasury stock at $25 per share Date Account DR CR 29-Jul Treasury Stock-Common Correct $50,000 Correct Cash Correct $50,000 Correct 27-Nov: Declared a cash dividend of $0.20 per share Date Account DR CR 27-Nov Cash Dividend Correct Incorrect Dividends Payable-Common Stock Correct Incorrect

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

please give ruight answer explain for 27 nov 1. Record the transactions in the general journal.

1-Feb: Issued 23,000 shares of Common Stock at $27 per share.
Date	Account		DR		CR
6-Feb	Cash	Correct	$621,000	Correct
	Common Stock $10 Par Value	Correct			$230,000	Correct
	Paid-in Capital in Excess of Par Value-Common Stock	Correct			$391,000	Correct

6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share.
Date	Account		DR		CR
6-Feb	Stock Dividend	Correct	$27,500	Correct
	Common Stock Dividend Distributable	Correct			$11,000	Correct
	Paid-in Capital in Excess of Par Value-Common Stock	Correct			$16,500	Correct

15-Feb: Distributed the stock dividend
Date	Account		DR		CR
15-Feb	Common Stock Dividend Distributable	Correct	$11,000	Correct
	Common Stock $10 Par Value	Correct			$11,000	Correct


29-Jul: Purchased 2,000 shares of treasury stock at $25 per share
Date	Account		DR		CR
29-Jul	Treasury Stock-Common	Correct	$50,000	Correct
	Cash	Correct			$50,000	Correct

27-Nov: Declared a cash dividend of $0.20 per share
Date	Account		DR		CR
27-Nov	Cash Dividend	Correct		Incorrect
	Dividends Payable-Common Stock	Correct				Incorrect