Question

Prepare journal entries a. Cougar Corp. sold 5,000 shares of $1 par value common stock for...

Prepare journal entries

a. Cougar Corp. sold 5,000 shares of $1 par value common stock for $20,000.

b. Cougar Corp. declared dividends of $3/share.

c. Cougar Corp. paid dividends declared in (b.).

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Answer #2
Answer
Sr No Account Titles and Explanation Debit Credit
a Cash $ 20,000
Common Stock (5,000 * $1) $ 5,000
Additional paid in capital $ 15,000
(To record issue of common stock)
b Dividend (5,000 * $ 3) $ 15,000
Dividend Payable $ 15,000
( To record declaration of dividend)
c Dividend Payable $ 15,000
Cash $ 15,000
( To record payment of dividend)
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