Exercise 262 (Part Level Submission) On January 1 Weiss Corporation had 60,000 shares of no-par common...

 

Transcribed Image Text:

Exercise 262 (Part Level Submission) On January 1 Weiss Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred: Apr. 1 June 15. July 10 Dec. 1 15 (a) Indicate the accounts increased or decreased, if any, on each of the three dates that involved dividends. Date Account Titles June 15 Issued 10,000 additional shares of common stock for $10 per share. Declared a cash dividend of $1.00 per share to stockholders of record on June 30. Paid the $1.00 cash dividend. Issued 4,000 additional shares of common stock for $12 per share. Declared a cash dividend on outstanding shares of $1.00 per share to stockholders of record on December 31. July 10 Dec. 15 Increase/Decrease + + + + + + $ $ $ $ Amount Exercise 262 (Part Level Submission) On January 1 Weiss Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred: Apr. 1 June 15. July 10 Dec. 1 15 (a) Indicate the accounts increased or decreased, if any, on each of the three dates that involved dividends. Date Account Titles June 15 Issued 10,000 additional shares of common stock for $10 per share. Declared a cash dividend of $1.00 per share to stockholders of record on June 30. Paid the $1.00 cash dividend. Issued 4,000 additional shares of common stock for $12 per share. Declared a cash dividend on outstanding shares of $1.00 per share to stockholders of record on December 31. July 10 Dec. 15 Increase/Decrease + + + + + + $ $ $ $ Amount

Answer rating: 100% (QA)

Date Account titles IncreaseDecrease Amount June 15 Retained earnings decrease 70000 Dividend payabl... View the full answer