Question

Entries for Selected Corporate Transactions

Selected transactions completed by ATV Discount 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 boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 5. Split the common stock 5 for 1 and reduced the par from $100 to $20 per share. After the split, there were 700,000 common shares outstanding.

Date	Account	Debit	Credit
Jan. 5.

Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $23, recording the stock at cost.

Date	Account	Debit	Credit
Mar. 10.

Apr. 30. Declared semiannual dividends of $1.3 on 60,000 shares of preferred stock and $0.3 on the common stock to stockholders of record on May 15, payable on June 15.

Date	Account	Debit	Credit
Apr. 30.

June 15. Paid the cash dividends.

Date	Account	Debit	Credit
June 15.

Aug. 20. Sold 40,000 shares of treasury stock at $27, receiving cash.

Date	Account	Debit	Credit
Aug 20.

Oct. 15. Declared semiannual dividends of $1.3 on the preferred stock and $0.36 on the common stock (before the stock dividend).

Date	Account	Debit	Credit
Oct. 15.

Oct. 15. A 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $29.

Date	Account	Debit	Credit
Oct. 15.

Dec. 19. Paid the cash dividends.

Date	Account	Debit	Credit
Dec. 19.

Dec. 19. Issued the certificates for the common stock dividend.

Date	Account	Debit	Credit
Dec. 31.

Answer 1

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