FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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All of journal entry please 

**Journal Entry Worksheet**

**Step 1: Record stock issuances.**

*Note: Enter debits before credits.*

**Entry Fields:**

- **Date:** January 01, 2019

- **General Journal:** [Blank Space]

- **Debit:** [Blank Space]

- **Credit:** [Blank Space]

**Buttons:**

- **Record entry**
- **Clear entry**
- **View general journal**

This worksheet is designed to assist in recording stock issuances, ensuring accurate and organized financial documentation.
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Transcribed Image Text:**Journal Entry Worksheet** **Step 1: Record stock issuances.** *Note: Enter debits before credits.* **Entry Fields:** - **Date:** January 01, 2019 - **General Journal:** [Blank Space] - **Debit:** [Blank Space] - **Credit:** [Blank Space] **Buttons:** - **Record entry** - **Clear entry** - **View general journal** This worksheet is designed to assist in recording stock issuances, ensuring accurate and organized financial documentation.
**Required Information**

*(The following information applies to the questions displayed below.)*

Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash:

- 780,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $20.00 per share.
- 200,000 shares of $90 par value, 8.00% cumulative, preferred stock were authorized; 51,000 shares were issued on January 1, 2019, at $150 per share.
- Net income for the years ended December 31, 2019, and 2020 was $1,410,000 and $2,410,000, respectively.
- No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,680,000, payable on February 12, 2021, to holders of record as of January 19, 2021.

---

**Prepare the journal entries to record each of the below transactions.** *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)*

1. The issuance of common stock and preferred stock on January 1, 2019.
2. The declaration of dividends on December 28, 2020.
3. The payment of dividends on February 12, 2021.
expand button
Transcribed Image Text:**Required Information** *(The following information applies to the questions displayed below.)* Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: - 780,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $20.00 per share. - 200,000 shares of $90 par value, 8.00% cumulative, preferred stock were authorized; 51,000 shares were issued on January 1, 2019, at $150 per share. - Net income for the years ended December 31, 2019, and 2020 was $1,410,000 and $2,410,000, respectively. - No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,680,000, payable on February 12, 2021, to holders of record as of January 19, 2021. --- **Prepare the journal entries to record each of the below transactions.** *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)* 1. The issuance of common stock and preferred stock on January 1, 2019. 2. The declaration of dividends on December 28, 2020. 3. The payment of dividends on February 12, 2021.
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