On January 1, 2018, Duffy Dog Corporation had 76,000 common shares, recorded at $653,000, and retained...
On January 1, 2018, Duffy Dog Corporation had 76,000 common
shares, recorded at $653,000, and retained earnings of $1,044,000.
During the year, the following transactions occurred:
| Apr. | 2 | Issued 4,600 common shares at $20 per share. | |
| June | 15 | Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10. | |
| Aug. | 21 | Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. | |
| Nov. | 1 | Issued 2,900 common shares at $24 per share. | |
| Dec. | 20 | Declared a cash dividend of $0.40 per share to common shareholders of record on December 31, payable on January 10. |
Record the above transactions for 2018.
Homework Answers
| Journal entries | ||||||
| date | particulars | Debit | Credit | |||
| 02-Apr | cash (4600*20) | 92000 | ||||
| common shares | 92000 | |||||
| 15-Jun | cash dividend (76000+4600)*0.35 | 28210 | ||||
| dividend payable | 28210 | |||||
| 10-Jul | dividend payable | 28210 | ||||
| cash | 28210 | |||||
| 21-Aug | stock dividend (80600*5%*21) | 84630 | ||||
| stock dividend distributable | 84630 | |||||
| 20-Sep | stock dividend distributable | 84630 | ||||
| common shares | 84630 | |||||
| 01-Nov | cash (2900*24) | 69600 | ||||
| common share | 69600 | |||||
| 20-Dec | cash dividend (76000+4600+4030+2900)*0.40 | 35012 | ||||
| dividend payable | 35012 | |||||
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Exercise 11-5 (Part Level Submission)
On January 1, 2018, Marshall Corporation had 79,000 common shares,
recorded at $648,000, and retained earnings of $927,000. During the
year, the following transactions occurred:
Apr.
2
Issued 4,900 common shares at $20
per share.
June
15
Declared a cash dividend of $0.35
per share to common shareholders of record on June 30, payable on
July 10.
Aug.
21
Declared a 5% stock dividend to
common shareholders of record...
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please correct the below journal entries
Exercise 11-5 (Part Level Submission)
On January 1, 2018, Marshall Corporation had 79,000 common shares,
recorded at $648,000, and retained earnings of $927,000. During the
year, the following transactions occurred:
Apr.
2
Issued 4,900 common shares at $20
per share.
June
15
Declared a cash dividend of $0.35
per share to common shareholders of record on June 30, payable on
July 10.
Aug.
21
Declared a 5% stock dividend to
common shareholders of record...
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Earnings, open T accounts and post to the shareholders’ equity
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