P15-1 Journalising shareholders' equity transactions [20-25 min] (LO 10, 20,30) Summerborn Manufacturing Ltd completed the following...

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P15-1 Journalising shareholders' equity transactions [20-25 min] (LO 10, 20,30) Summerborn Manufacturing Ltd completed the following transactions during the year: Jan Declared a cash dividend of $0.50 per share on the 9 000 preference shares issued. Declared a 16 $0.30 per share dividend on the 80 000 ordinary shares issued. The date of record is 31 January, and the payment date is 15 February. Feb Paid the cash dividends. 15 Jun Split the ordinary shares 2 for 1. Before the split, Summerborn had 80 000 ordinary shares 10 issued. Jul Declared a dividend of $24 000 on the ordinary shares to be satisfied by the issue of 8 000 new 30 ordinary shares to shareholders registered on 15 August, with distribution to be made on 31 August. Aug Issued the share dividend shares. 31 Oct Purchased 1 000 of the company's own ordinary shares at $13 per share. 26 Dec Issued 500 ordinary shares for $15 per share. 30 P15-1 Journalising shareholders' equity transactions [20-25 min] (LO 10, 20,30) Summerborn Manufacturing Ltd completed the following transactions during the year: Jan Declared a cash dividend of $0.50 per share on the 9 000 preference shares issued. Declared a 16 $0.30 per share dividend on the 80 000 ordinary shares issued. The date of record is 31 January, and the payment date is 15 February. Feb Paid the cash dividends. 15 Jun Split the ordinary shares 2 for 1. Before the split, Summerborn had 80 000 ordinary shares 10 issued. Jul Declared a dividend of $24 000 on the ordinary shares to be satisfied by the issue of 8 000 new 30 ordinary shares to shareholders registered on 15 August, with distribution to be made on 31 August. Aug Issued the share dividend shares. 31 Oct Purchased 1 000 of the company's own ordinary shares at $13 per share. 26 Dec Issued 500 ordinary shares for $15 per share. 30

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The transactions are summarized below Date Account Title Debit Credit Jan 16 Cash di... View the full answer