Question: i just need help with finding the numbers for transactions 5 & 7. thank you so much in advance [The following information applles to the

i just need help with finding the numbers for transactions 5 & 7. thank you so much in advance
 i just need help with finding the numbers for transactions 5

[The following information applles to the questions displayed below.] National League Gear has two classes of stock authorized: 4%,$20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.1 million shares of common stock for $26 per share. February 4 Issue 510,000 shares of preferred stoek for $23 per share. June 15 purchase 110,000 shares of its own common stork for $21 per share. August 15 Rese11 82, 500 shares of treasury stock for $36 per share. Noverber 1 Declare a canh dividend on its common stock of $1.10 per share and a $408,000 (4t of par value) cash dividend on its preferred ntoek payable to al1 stoekholders of record on Noverber 15. (Hint, Dividends are not paid on treasury stoek.) November 30 pay the dividends declared on November 1 . Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" I the first account field.) \begin{tabular}{|c|c|l|} \hline 5 & November 01, 2021 & Dividends \\ \hline & & Dividends Payable \\ \hline 6 & November 15, 2021 & No Journal Entry Required \\ \hline 7 & November 30, 2021 & Dividends Payable \\ \hline & & Cash \\ \hline \end{tabular}

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!