Question: Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000
Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding.
- Cash
Common Stock
No Entry Required
Paid-In Capital in Excess of Par-Common Stock
Treasury Stock
- Cash
Common Stock
No Entry Required
Paid-In Capital in Excess of Par-Common Stock
Treasury Stock
Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30.
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required[LP1]
Apr. 30. Paid the cash dividends.
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required
May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost.
- Cash
Common Stock
No Entry Required
Paid-In Capital from Sale of Treasury Stock
Treasury Stock
- Cash
Common Stock
No Entry Required
Paid-In Capital from Sale of Treasury Stock
Treasury Stock
Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash.
- Cash
Common Stock
No Entry Required
Paid-In Capital from Sale of Treasury Stock
Treasury Stock
- Cash
Common Stock
No Entry Required
Paid-In Capital in Excess of Par-Common Stock
Treasury Stock
- Cash
Common Stock
No Entry Required
Paid-In Capital from Sale of Treasury Stock
Retained Earnings
Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend).
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required
Sept. 1. A 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40.
- Cash
No Entry Required
Stock Dividends
Stock Dividends Distributable
Treasury Stock
- Cash
Common Stock
No Entry Required
Stock Dividends
Stock Dividends Distributable
- Cash Dividends
Common Stock
No Entry Required
Paid-In Capital in Excess of Par-Common Stock
Treasury Stock
Oct. 31. Paid the cash dividends.
- Cash
Cash Dividends
Cash Dividends Payable
Common Stock
No Entry Required
- Cash
Cash Dividends Payable
Common Stock
No Entry Required
Treasury Stock
Oct. 31. Issued the certificates for the common stock dividend.
- Cash
No Entry Required
Stock Dividends
Stock Dividends Distributable
Treasury Stock
- Common Stock
No Entry Required
Stock Dividends
Stock Dividends Distributable
Treasury Stock
Entries for Selected Corporate Transactions West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows: Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. Mar. 1. Declared semiannual dividends of $0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Apr. 30. Paid the cash dividends. May 31. Purchased 50,000 shares of the corporation's own common stock at $32, recording the stock at cost. Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40. Oct. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Required: Journalize the transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. Date Account Debit Credit Jan. 15 Mar. 1. Declared semiannual dividends of s0.25 per share on 100,000 shares of preferred stock and $0.07 per share on the 800,000 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Date Account Debit Credit Mar. 1 Apr. 30. Paid the cash dividends. Date Account Debit Credit Apr. 30 May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. Date Account Debit Credit May 31 Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Date Account Debit Credit Aug. 17 Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). Date Account Debit Credit Sept. 1 Date Account Debit Credit May 31 Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Date Account Debit Credit Aug. 17 Sept. 1. Declared semiannual dividends of $0.25 per share on the preferred stock and $0.09 per share on the common stock (before the stock dividend). Date Account Debit Credit Sept. 1 Sept. 1. A 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $40. Date Account Debit Credit Sept. 1 Oct. 31. Paid the cash dividends. Date Account Debit Credit Oct. 31 Oct. 31. Issued the certificates for the common stock dividend. Date Account Debit Credit Oct. 31
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