Question

Halborn Manufacturing Co. completed the following transactions during 2018: (Click the icon to view the transactions.) Read the resirements Requirement 1. Record the transactions in Halbom's general journal (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 5%, $95 par noncumulative preferred stock (1,000 shares outstanding). Declared a $0.40 per share dividend on the 105,000 shares of Se par value common stock outstanding. The date of record is January 31, and the payment date is February 15, Date Accounts and Explanation Debit Credit Jan. 16 Cash Dividends Dividends Payable-Preferred Dividends Payable-Common Declared a cash dividend.

Answer 1

Details Debit Credit Date 2018 Jan-16 8950 Cash Dividend Dividend Payable - Preferred Dividend Payable - Common 4750 4200 Feb-15 Dividend Payable - Preferred Dividend Payable - Common Bank 4750 4200 8950 Jan-10 No entry required Jul-30 420000 Stock Dividend Stock Dividend Payable 420000 Aug-15 420000 Stock Dividend Payable Common Stock 420000 Oct-26 72000 Treasury Stock Bank 72000 Nov. 8 40000 Bank Treasury Stock Paid in Capital from TS 36000 4000 Nov. 30 Bank Paid in Capital from TS Retained Earnings Treasury Stock 7000 4000 1600 12600