PROBLEMS CHAPTER 15 On September 1, record this transaction. racMatris, inc. issued 250,000 shares of $4 par value stock for $35 per share. Let's GENERAL JOURNAL PAGE I DATE DEBIT CREDIT PR. DEscription On September 1, Matrix, Inc. issued 160,000 shares of $5 par value stock for land valued at $3,500,000. Let's record this transaction. GENERAL JOURNAL PAGE 1 DATE PR. DEBIT DEscription CREDIT 19, a $5 per share cash dividend is declared on Dana, Inc. nding. The dividend will be pald on March outstanding on Dana, Inc.'s 25,000 common shares 19 to stockholders of record on February 19 GENERAL JOURNAL PAGE 1 6 DATE DEscription PR. DEBIT TH CREDIT On December 31, 2008, Quest declared a 3% stock dividend, when the stock was selling for $10 per share. The stock will be distributed to stockholders on January 20, 2009. Let's make the December 31 entry. (100,000 common stock outstadine) GENERAL JOURNAL PAGE 1 DEBIT CREDIT PR. DATE DEscription On May 8, Whitt, Ine. purchased 4,000 of its own shares of stock in the open market for $9,000. GENERAL JOURNAL PAGE 1 DEBIT CREDIT PR. DATE DEscription On June 30, Whitt sold 200 shares of its treasury stock for $8 per share. GENERAL JOURNAL PAGE 1 DATE DEscription PR. DEBIT CREDIT