Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. 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 $40 to $10 per share. After the split, there were 520,000 common shares outstanding. Date Account Debit Credit Jan. 5. Mar. 10. Purchased 42,000 shares of the corporation's own common stock at $16, recording the stock at cost. Date Account Debit Credit Mar. 10. Apr. 30. Declared semiannual dividends of $2.20 on 40,000 shares of preferred stock and $0.28 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Aprг. 30.
Entries for Selected Corporate Transactions Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. 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 $40 to $10 per share. After the split, there were 520,000 common shares outstanding. Date Account Debit Credit Jan. 5. Mar. 10. Purchased 42,000 shares of the corporation's own common stock at $16, recording the stock at cost. Date Account Debit Credit Mar. 10. Apr. 30. Declared semiannual dividends of $2.20 on 40,000 shares of preferred stock and $0.28 on the common stock to stockholders of record on May 15, payable on June 15. Date Account Debit Credit Aprг. 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Aug. 20. Sold 30,000 shares of treasury stock at $19, receiving cash.
Date
Account
Debit
Credit
Aug 20.
Oct. 15. Declared semiannual dividends of $2.20 on the preferred stock and $0.34 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 $21.
Date
Account
Debit
Credit
Oct. 15.
Dec. 19. Paid the cash dividends.
Date
Account
Debit
Credit
Dec. 19.
Dec. 19. Isued the certificates for the common stock dividend.
Date
Account
Debit
Credit
Dec. 31.
Transcribed Image Text:Entries for Selected Corporate Transactions
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. 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 $40 to $10 per share. After the split, there were 520,000 common shares outstanding.
Date
Account
Debit
Credit
Jan. 5.
Mar. 10. Purchased 42,000 shares of the corporation's own common stock at $16, recording the stock at cost.
Date
Account
Debit
Credit
Mar. 10.
Apr. 30. Declared semiannual dividends of $2.20 on 40,000 shares of preferred stock and $0.28 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.
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Entries for Selected Corporate Transactions
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows:
Journalize the transactions. If no entry is required, select "No Entry Required" from the dropdown box and leave the amount boxes blank. 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 $200 to $40 per share. After the split, there were 700,000 common shares outstanding.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Jan. 5. |
|
fill in the blank 2 | fill in the blank 3 |
|
|
fill in the blank 5 | fill in the blank 6 |
Mar. 10. Purchased 56,000 shares of the corporation's own common stock at $45, recording the stock at cost.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Mar. 10. |
|
fill in the blank 8 | fill in the blank 9 |
|
|
fill in the blank 11 | fill in the blank 12 |
Apr. 30. Declared semiannual dividends of $2.90 on 50,000 shares of
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 30. |
|
fill in the blank 14 | fill in the blank 15 |
|
|
fill in the blank 17 | fill in the blank 18 |
June 15. Paid the cash dividends.
| Date | Account | Debit | Credit |
|---|---|---|---|
| June 15. |
|
fill in the blank 20 | fill in the blank 21 |
|
|
fill in the blank 23 | fill in the blank 24 |
Aug. 20. Sold 40,000 shares of
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug 20. |
|
fill in the blank 26 | fill in the blank 27 |
|
|
fill in the blank 29 | fill in the blank 30 | |
|
|
fill in the blank 32 | fill in the blank 33 |
Oct. 15. Declared semiannual dividends of $2.90 on the preferred stock and $0.26 on the common stock (before the stock dividend).
| Date | Account | Debit | Credit |
|---|---|---|---|
| Oct. 15. |
|
fill in the blank 35 | fill in the blank 36 |
|
|
fill in the blank 38 | fill in the blank 39 |
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 $54.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Oct. 15. |
|
fill in the blank 41 | fill in the blank 42 |
|
|
fill in the blank 44 | fill in the blank 45 | |
|
|
fill in the blank 47 | fill in the blank 48 |
Dec. 19. Paid the cash dividends.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Dec. 19. |
|
fill in the blank 50 | fill in the blank 51 |
|
|
fill in the blank 53 | fill in the blank 54 |
Dec. 19. Issued the certificates for the common stock dividend.
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