commonStockTest St × X Lease Prob Student) Is x X Bond Prob Test Studer X common

Question

commonStockTest St × X Lease Prob Student) Is x X Bond Prob Test Studer X commonStockTest C Office Editing for Docs, Sheets & Slides chrome-extension.//bpmcpldpdmajfigpchkicefoigmkfalc/ CommonStock Test (Student).xls File Edit Insert Format Help r QQ Aria, General Jou TEST ll Debit Credit Sold 300 shares of common stock for $15 per share. S15 par value. Sold 400 shares of common stock lor $12 per share. $2 par value Company exchanged 250 shares of preferred stock for a building. The stock has a $15 par value and a market value of $30 The company retires stock sold originally for 12 per share· 300 shares of CS were bought back at 16 15 per share. Par value is $2. 19 Bought back common stock, 100 shares, $20 per 23 d haif the treasury stock for $22 per share 25 26 Date of Declaration. Declared $500 dividend. Declared dividends are closed-out at year-end dividends are closed-out ar year -end. Date of Payment. Declared dividends are paid. Board of Directors declare a 20% stock divedend. Current stock price. S100. Number or shares s, 1,000. Par value of stock, $10. 37 Stock dividends are disributed to shareholders 0 TOSHIBA

Explanation / Answer

General Journal

date

explanation

debit

credit

1-

cash

4500

common stock

4500

2-

cash

4800

common stock

800

additional paid in capital-equity

4000

3-

Building

7500

preferred stock

3750

additional paid in capital-preferred stock

3750

4-

common stock

600

additional paid in capital

3000

retained earnings

900

cash

4500

5-

treasury stock

2000

cash

2000

6-

cash

1100

treasury stock

1000

additional paid in capital-treasury stock

100

7-

retained earning

500

dividend payable

500

8-

dividend payable

500

cash

500

9-

retained earning

20000

stock dividend

20000

10-

stock dividend

20000

common stock

2000

additional paid in capital

18000

11-

No of shares outstanding after stock split

3*100

300

General Journal

date

explanation

debit

credit

1-

cash

4500

common stock

4500

2-

cash

4800

common stock

800

additional paid in capital-equity

4000

3-

Building

7500

preferred stock

3750

additional paid in capital-preferred stock

3750

4-

common stock

600

additional paid in capital

3000

retained earnings

900

cash

4500

5-

treasury stock

2000

cash

2000

6-

cash

1100

treasury stock

1000

additional paid in capital-treasury stock

100

7-

retained earning

500

dividend payable

500

8-

dividend payable

500

cash

500

9-

retained earning

20000

stock dividend

20000

10-

stock dividend

20000

common stock

2000

additional paid in capital

18000

11-

No of shares outstanding after stock split

3*100

300

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