Entries Tor Selected Corporate Transactions Selected transactions completed by B
ID: 2485860 • Letter: E
Question
Entries Tor Selected Corporate Transactions Selected transactions completed by Big Water Boating Corporation during the current fiscal year are as follows: Instructions: Journalize the transactions. If no entry is required, select 'No entry required" from the dropdown box and leave the amount Poxes blank. For a compound transaction, ir an amount box does not require an entry, leave it blank. Jan. 3. Split the common stock 5 for l and reduced the par from $100 to $20 per share. After the split, there were 750,000 common shares outstanding.Explanation / Answer
Date Account Title & Explanation Debit Credit Jan, 3 Common Stock : (150000 Shares, 100 Par: (750000*20)/100) 15000000 Common Stock : (750000 Shares, 20 Per Share) 15000000 Date Account Title & Explanation Debit Credit Apr, 7 Treasury Stock (60000*26) 1560000 Cash 1560000 Date Account Title & Explanation Debit Credit May, 1 Retained Earnings 216200 Dividend Payable- Preferred Stock: (2.30*55000) 126500 Dividend Payable- Common Stock: (750000-60000)*0.13 89700 Date Account Title & Explanation Debit Credit June, 1 Dividend Payable- Preferred Stock 126500 Dividend Payable- Common Stock 89700 Cash 216200 Date Account Title & Explanation Debit Credit July, 29 Cash (43000*34) 1462000 Additional Paid in Capital 344000 Treasury Stock 1560000*(43000/60000) 1118000 Date Account Title & Explanation Debit Credit Nov, 15 Retained Earnings 265770 Dividend Payable- Preferred Stock: (2.30*55000) 126500 Dividend Payable- Common Stock: (750000-60000+43000)*0.19 139270 Date Account Title & Explanation Debit Credit Nov, 15 Retained Earnings (733000*2%)*36 527760 Common Stock Dividend Distributable : (733000*2%*20) 293200 Additional Paid in Capital: (733000*2%*(36-20)) 234560 Date Account Title & Explanation Debit Credit Dec, 31 Dividend Payable- Preferred Stock 126500 Dividend Payable- Common Stock 139270 Cash 265770 Date Account Title & Explanation Debit Credit Dec, 31 Common Stock Dividend Distributable 293200 Common Stock 293200
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.