A company designs and produces a line of golf equipment and golf apparel. The company has...

  

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A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. The company has the following transactions affecting stockholders' equity in Year 1. 1 Issues 45,000 additional shares of $1 par value common stock for $42 per share. 10 Purchases 4,000 shares of treasury stock for $45 per share. 1 Declares a cash dividend of $1.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) 1 Pays the cash dividend declared on June 1. March May June July October 21 Resells 2,000 shares of treasury stock purchased on May 10 for $50 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 Record the declaration of a cash dividend of $1.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) ces Note: Enter debits before credits. Date General Journal Debit Credit June 01 Dividends Payable Record entry Clear entry View general journal Journal entry worksheet 3 4 Record payment of the cash dividend declared on June 1. ces Note: Enter debits before credits. Date General Journal Debit Credit Dividends Payable Cash July 01 Record entry Clear entry View general journal A company designs and produces a line of golf equipment and golf apparel. The company has 100,000 shares of common stock outstanding as of the beginning of Year 1. The company has the following transactions affecting stockholders' equity in Year 1. 1 Issues 45,000 additional shares of $1 par value common stock for $42 per share. 10 Purchases 4,000 shares of treasury stock for $45 per share. 1 Declares a cash dividend of $1.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) 1 Pays the cash dividend declared on June 1. March May June July October 21 Resells 2,000 shares of treasury stock purchased on May 10 for $50 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 Record the declaration of a cash dividend of $1.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) ces Note: Enter debits before credits. Date General Journal Debit Credit June 01 Dividends Payable Record entry Clear entry View general journal Journal entry worksheet 3 4 Record payment of the cash dividend declared on June 1. ces Note: Enter debits before credits. Date General Journal Debit Credit Dividends Payable Cash July 01 Record entry Clear entry View general journal

Answer rating: 100% (QA)

Debit Credit March 01 Cash 1890000 4500042 Common Stock 45000 Additio... View the full answer