urgent help need it an hour I\'d appreciate it Chart Of Accounts General Journal

Question

urgent help need it an hour I'd appreciate it

Chart Of Accounts

General Journal

Journalize each of the selected transactions completed during the current fiscal year. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

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Jan. 3 The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 400,000. 22 Declared a dividend of $1.75 per share on the outstanding shares of common stock. Feb. 8 Paid the dividend declared on January 22. Sept. 1 Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $30.) Oct. 1 Issued the certificates for the common stock dividend declared on September 1.

Explanation / Answer

Date General Journal Debit Credit Jan. 3 No entry required Jan. 22 Cash Dividends $700,000 Cash Dividends Payable $700,000 Feb. 8 Cash Dividends Payable $700,000 Cash $700,000 Sep. 1 Stock Dividends $600,000 Stock Dividends Distributable $400,000 Paid-In Capital in Excess ofPar-Common Stock $200,000 Oct. 1 Stock Dividends Distributable $400,000 Common Stock $400,000

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