Question

Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield Corp. is authorized to issue 2,100,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions Jan. 15 Issued 755,000 shares of stock at $5 per share. Sept. 5 Purchased 26,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Journalize the transactions for Sheffield Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation

please help

1.a)

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c)

2.a)

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3. a)

b)

Answer 1

| Credit Date Jan. 15 Debit 3,775,000 755,000 3,020,000 General Journal Cash (755,000 * $5) Common Stock (755,000 * $1) Paid-in Capital in Excess of Par-Common Stock Treasury Stock (26,000 * $8) Cash Dividends or Retained Earnings (729,000 * $0.50) Dividends Payable Sept. 05 208,000 208,000 Dec. 06 364,500 364,500