Question: Bogscraft Company has outstanding 60 000 shares of 10 par

Bogscraft Company has outstanding 60,000 shares of $ 10 par value common stock and 25,000 shares of $ 20 par value preferred stock (8 percent). On February 1, the board of directors voted in favor of an 8 percent cash dividend on the preferred stock. The cash dividends were paid on March 15. The company closed its books at its fiscal year-end, June 30.
Prepare journal entries to record the events on (a) February 1, (b) March 15, and (c) June 30.

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  • CreatedNovember 02, 2015
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