Question

On January 1, 2018, Oak Corporation had 83,000 common shares, recorded at $644,000, and retained earnings...

On January 1, 2018, Oak Corporation had 83,000 common shares, recorded at $644,000, and retained earnings of $920,000. During the year, the following transactions occurred:

Apr. 2 Issued 5,200 common shares at $20 per share.
June 15 Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10.
Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $27 on September 20.
Nov. 1 Issued 3,100 common shares at $25 per share.
Dec. 20 Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10.

Record the above transactions for 2018. (Note: Closing entries are not required.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date                                                                      Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title enter a debit amount enter a credit amount

Homework Answers

Answer #1
Date Account Titles Debit Credit
2018 $ $
Apr 2 Cash 104,000
Common Stock 104,000
June 15 Cash Dividends 13,230
Dividends Payable 13,230
June 30 No entry 0
No entry 0
July 10 Dividends Payable 13,230
Cash 13,230
Aug 21 Stock Dividends [ ( 83,000 + 5,200) x 5 % ] x $ 22 97,020
Common Stock Dividends Distributable 97,020
Sep 5 No entry 0
No entry 0
Sep 20 Common Stock Dividend Distributable 97,020
Common Stock 97,020
Nov 1 Cash 77,500
Common Stock 77,500
Dec 20 Cash Dividends 18,522
Dividends Payable 18,522
Dec 31 No entry 0
No entry 0
Dec 31 Retained Earnings 31,752
Cash Dividends 31,752
Dec 31 Retained Earnings 97,020
Stock Dividends 97,020
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