On September 15, 2020, the Board of Directors of Buffalo Company declared a 70 per share cash
Question:
On September 15, 2020, the Board of Directors of Buffalo Company declared a 70¢ per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Buffalo Company had 221,000 common shares outstanding, of which 17,000 were held in Treasury. On October 15, 2020, the company issued an additional 66,000 common shares for $5.35 each.
Prepare all the required journal entries to record these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
Sept. 15Oct. 1Oct. 15Oct. 31 | |||
Sept. 15Oct. 1Oct. 15Oct. 31 | |||
Sept. 15Oct. 1Oct. 15Oct. 31 | |||
Sept. 15Oct. 1Oct. 15Oct. 31 | |||
List of Accounts
- Accounts Payable
- Accounts Receivable
- Accumulated Depreciation - Automobiles
- Accumulated Depreciation - Buildings
- Accumulated OCI
- Automobiles
- Bonds Payable
- Buildings
- Cash
- Common Shares
- Common Shares Subscribed
- Common Stock Dividends Distributable
- Contributed Surplus
- Contributed Surplus - Donated Land
- Deficit
- Dividend Receivable
- Dividend Revenue
- Dividends
- Dividends Payable
- Equipment
- FV - NI Investments
- FV - OCI Investments
- Furniture and Fixtures
- Gain on Appreciation of Capital Asset
- Gain on Disposal of Investments FV-OCI
- Income Summary
- Inventory
- Investment in Sinking Fund
- Investment Income or Loss
- Land
- Legal Expense
- Loss in Value of Investment Property
- Machinery
- No Entry
- Notes Payable
- Preferred Shares
- Property Dividends Payable
- Retained Earnings
- Share Subscriptions Receivable
- Treasury Shares
- Unrealized Gain or Loss
- Unrealized Gain or Loss - OCI
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas