Shutterbug Cameras issued 8,000 shares of $80 par, preferred 7% stock and 35,000 shares of $25 par
Question:
Shutterbug Cameras issued 8,000 shares of $80 par, preferred 7% stock and 35,000 shares of $25 par common stock.
Instructions
In your working papers:
1. Record the following transactions on general journal page 14.
2. Post the transactions to the general ledger accounts provided in your working papers. Net income was $296,490.
Transcribed Image Text:
Transactions Date Oct. 15 Nov. 5 The board of directors declared an annual cash dividend on the preferred 7% stock, payable on December 1, Memorandum 407. Declared an annual cash dividend of $1.25 on 35,000 shares of common stock, payable on December 17, Memorandum 415. Dec. 1 Paid the dividend declared on October 15, Check 1163. 17 Paid the dividend declared on November 5, Check 1201.
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Solution 1 The record is as follows i Recording the issuance of shares of 80 par pr...View the full answer
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