signment Exercise 14-1 On January 1, Guillen Corporation had 90,500 shares of no

Question

signment Exercise 14-1 On January 1, Guillen Corporation had 90,500 shares of no-par common stock issued an the following occurred Apr. 1 Issued 21,000 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,500 additional shares of common stock for $18 per share. d outstanding. The stock has a stated value of $5 per share. During the year 15 Declared a cash dividend on outstanding shares of $4.30 per share to stockholders of record on December 31 Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock June 15 July 10 All Rights Reserved. A Division of 6:38 PM

Explanation / Answer

Journal entry:

Date account and explanation debit credit Apr 1 Cash (21000*19) 399000 Common Stock (21000*5) 105000 Paid in capital in excess of stated value-Common Stock 294000 (To record issue common stock) June 15 Cash dividend (111500*1) 111500 Dividend payable 111500 (To record dividend declared) July 10 Dividend payable 111500 Cash 111500 (To record dividend paid) dec 1 Cash (2500*18) 45000 Common Stock (2500*5) 12500 Paid in capital in excess of stated value-Common Stock 32500 (To record issue common stock) Dec 15 Cash dividend (114000*4.3) 490200 Dividend payable 490200 (To record dividend declared) Dec 31 No entry

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