Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 157,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.65 on 19,000 shares of preferred stock and $0.24 on the common stock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of $0.65 on the preferred stock and $0.11 on the common stock (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. Dec. 31 Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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Solution:
Journal Entries - Canyon Ferry Boating Corporation | ||||
Event | Date | Particulars | Debit | Credit |
1 | 8-Jan | No Journal Entry required | ||
2 | 30-Apr | Cash dividends Dr [(19000*$0.65) + (157000*$0.24)] | $50,030.00 | |
To Cash dividend payable | $50,030.00 | |||
(To record dividend declared) | ||||
3 | 1-Jul | Cash dividend payable Dr | $50,030.00 | |
To Cash | $50,030.00 | |||
(To record payment of dividend) | ||||
4 | 31-Oct | Cash dividends Dr [(19000*$0.65) + (157000*$0.11)] | $29,620.00 | |
To Cash dividend payable | $29,620.00 | |||
(To record cash dividend declared) | ||||
5 | 31-Oct | Stock dividends Dr (157000*3%*$52) | $244,920.00 | |
To Stock Dividends Distributable | $188,400.00 | |||
To Paid-In Capital in Excess of Par-Common Stock | $56,520.00 | |||
(To record stock dividend declared) | ||||
6 | 31-Dec | Cash dividend payable Dr | $29,620.00 | |
To Cash | $29,620.00 | |||
(To record payment of dividend) | ||||
7 | 31-Dec | Stock Dividends Distributable Dr | $188,400.00 | |
To Common stock | $188,400.00 | |||
(To record distribution of stock dividend) |
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 157,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.65 on 19,000 shares of preferred stock and $0.24 on the common stock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of $0.65...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 157,000 common shares outstanding. Declared semiannual dividends of $0.65 per share on 19,000 shares of preferred stock and $0.24 per share on the common stock payable on July 1. Apr. 30 Jul. 1 Paid the cash dividends. Oct. 31 Declared...
journalize the transactions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows Jan. 8 Spit the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the sple, there were 150,000 common shares outstanding Apr 30 Jul. Oct. 1 31 Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1. Paid the cash dividends Declared semiannual...
There should be 13 Journal entries Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Split the common stock 2 for 1 and reduced the par from S80 to $40 per share. After the split, there were 150,000 common shares outstanding. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1 Jan. 8 Apr 30 Jul. 1 Paid the cash dividends...
Should be 13 Entries Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Split the common stock 2 for 1 and reduced the par from S80 to $40 per share. After the split, there were 150,000 common shares outstanding. Declared semiannual dividends of $0.75 on 18,000 shares of preferred stock and $0.28 on the common stock payable on July 1 Jan. 8 Apr 30 Jul. 1 Paid the cash dividends Oct. 31...
ructions ected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8. Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 157,000 common shares outstanding. Apr. Declared semiannual dividends of $0.65 on 19,000 shares of preferred stock and $0.24 on the common 30 stock payable on July 1. Paid the cash dividends. Jul. Oct Declared semiannual dividends of $0.65 on...
Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Journalize the transactions. If no entry is required, type "No Entry Required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $56 to $28 per share. After the split, there were 120,000...
Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Journalize the transactions If no entry is required, type "No Entry Required and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 3 for 1 and reduced the par from $54 to $18 per share. After the split, there were 114,000...
Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $40 to $20 per share. After the split, there were 129,000 common shares outstanding. Jan....
Calcuno Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Journalize the transactions If no entry is required, type "No Entry Required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an e Jan. 8. Split the common stock 3 for 1 and reduced the par from $54 to $18 per share. After the split, there were 75,000 common shares...