Question: Current Attempt in Progress Your Answer Correct Answer Your answer is partially correct. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value

partially correct. Patrick Corporation is authorized to issue 1,000,000 shares of $1

Current Attempt in Progress Your Answer Correct Answer Your answer is partially correct. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Journalize the transactions for Patrick Corporation (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 : Cash 4900000 Common Stock Dividends Distributable 00000 Jan. 15 Sept. 5 Issued 700,000 shares of stock at $7 per share. Purchased 20,000 shares of common stock for the treasury at $8 per share. Declared a $0,50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Dec. 6 Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 : Cash 4900000 Common Stock Dividends Distributable 700000 Common Stock 4200000 Sept. 5 : Treasury Stock 1600000 Cash 1600000 Dec. 6 0 Retained Earnings 3400000 Dividends Payable 3400000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

ma.edu/courses/2869/assignments/42954 Question 4 View Policies Current Attempt in Progress Delong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par...

Current Attempt in Progress Ivanhoe Corporation was organized on January 1, 2020. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 506,500 shares of no-par common...

Current Attempt in Progress Indigo Corporation was organized on January 1, 2020. It is authorized to issue 10,600 shares of 8% $100 par value preferred stock and 500,200 shares of no-par common stock...

Question 19 of 47 -/21 View Policies Current Attempt in Progress Pronghorn Corporation was organized on January 1, 2020. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock,...

View Policies Current Attempt in Progress Culver Corporation was organized on January 1, 2020. It is authorized to issue 9,500 shares of 8%, $100 par value preferred stock and 516,800 shares of...

Question 12 View Policies Current Attempt in Progress Ivanhoe Corporation was organized on January 1, 2020. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 509,000...

Current Attempt in Progress Marigold Corporation was organized on January 1, 2020. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 506,500 shares of no-par common...

S View Policies Show Attempt History Current Attempt in Progress Bramble Corp. was organized on January 1, 2022. It is authorized to issue 21,200 shares of 7%, $50 par value preferred stock and...

+ Ch 11: Homework Question 12 of 15 -/3 E Question 6 Accounting Dropdown - /5 Not started View Policies Current Attempt in Progress Question 7 Accounting Multistep 1.5/6 Partially correct On July 1,...

yu Mill View Policies Current Attempt in Progress Bonita, Inc., has 10900 shares of 5%, $100 par value, noncumulative preferred stock and 87200 shares of $1 par value common stock outstanding at...

B sold shares of a qualified small business corporation (QSBC) in the current year realizing a capital gain of $640,000 and shares of a public company realizing a loss of $40,000. B has a net capital...

A manufacturer produces four products, each using a different raw material. The following table provides cost and market value information on these inventories. Required: For each of the above...

The Data and Story Library (DASL) is an online library of data files and stories that illustrate the use of basic statistical methods. Visit lib.stat.cmu.edu/index.php, click DASL, and explore a data...

Cupacity 4 9 0 units. What was their capacity utilization rate last month?

=+Part 2 Select two techniques and write a slogan using each one. For example, create one using parallel construction, another using testimonial, and a third using reason why. Try to include the name...

=+What other out-of-home or print media could work to spin out this campaign? Would a billboard work? A poster? A direct-mail piece?

1 Virgin bases its approach on a particular culture, and linking a strong image with everyday action is said to be central to its success. How does this approach draw on the best- fit, HPWP or...