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 4 for 1 and reduced the par from $80 to $20 per share. After the split, there were 620,000 common shares outstanding.
Date | Account | Debit | Credit |
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Jan. 5. | |||
Mar. 10. Purchased 50,000 shares of the corporation's own common stock at $26, recording the stock at cost.
Date | Account | Debit | Credit |
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Mar. 10. | |||
Apr. 30. Declared semiannual dividends of $3.6 on 60,000 shares of preferred stock and $0.27 on the common stock to stockholders of record on May 15, payable on June 15.
Date | Account | Debit | Credit |
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Apr. 30. | |||
June 15. Paid the cash dividends.
Date | Account | Debit | Credit |
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June 15. | |||
Aug. 20. Sold 36,000 shares of treasury stock at $32, receiving cash.
Date | Account | Debit | Credit |
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Aug 20. | |||
Oct. 15. Declared semiannual dividends of $3.6 on the preferred stock and $0.33 on the common stock (before the stock dividend).
Date | Account | Debit | Credit |
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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 $34.
Date | Account | Debit | Credit |
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Oct. 15. | |||
Dec. 19. Paid the cash dividends.
Date | Account | Debit | Credit |
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Dec. 19. | |||
Dec. 19. Issued the certificates for the common stock dividend.
Date | Account | Debit | Credit |
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Dec. 31. | |||
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