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.