Question

Some of the transactions of Pampered Queen Bath Products, Inc., during this fiscal year are as follows:
Mar. 15 Paid balance due on previous year’s federal income tax, $ 7,230.
Apr. 15 Paid $ 83,760 for the first quarterly installment of estimated federal income tax for this year.
June 15 Paid $ 83,760 for the second quarterly installment of estimated federal income tax for this year.
July 16 Declared a cash dividend of $ 76,800 ($ 6.40 per share on 12,000 shares of common stock, $ 65 par) to stockholders of record as of July 31, payable on August 10.
Aug. 10 Paid the cash dividend.
Sept. 15 Declared a 10 percent stock dividend on common stock outstanding to stockholders of record as of September 30, distributable on October 9. Current market value of stock: $ 99 per share (12,000 shares outstanding before stock dividend).
Sept. 15 Paid $ 83,760 for the third quarterly installment of estimated federal income tax for this year.
Oct. 9 Issued stock comprising the stock dividend.
Nov. 17 Declared a cash dividend of $ 84,480 ($ 6.40 per share on 13,200 shares of common stock) to stockholders of record as of November 30, payable on December 9.
Dec. 9 Paid the cash dividend.
Dec. 15 Paid $ 83,760 for the fourth quarterly installment of estimated federal income tax for this year.
31 The board of directors authorized the appropriation of Retained Earnings for property expansion, $ 53,750.
31 Recorded $ 2,850 additional federal income tax allocable to taxable income for the year in an adjusting entry.

Required
Record these transactions in general journal form.



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  • CreatedOctober 21, 2014
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