Question

Return to Blackboard US Weigandt, Accounting Principles, 12. PRINTER VEREIN Exercise 14-1 Your answer is partially correct. Try again. On January 1, Guillen Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occurred. Apr 1 Issued 20,500 additional shares of common stock for $10 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Pald the $2 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $3.50 per share to stockholders of record on December 31 (a) Prepare the entries to record these transactions. (If no antry is required, elect presented in the problem. Credit account titles are automatically indented with The account titles and enter for the amounts Record journal entries in the order entered. Do not indent manually.) Det Date Account Titles and Explanation Apr Cash 369,000 309,000 Common Stock 369000 Paid in Capital in Excess of Stated Value-Commor 227000 June 15 Cash Dividends 227000 Dividends Payable 227000 July 10 Dividends Payable 227000 E 36000 Det Cash 36000 Common Stock 36000 Paid-in Capital in Excess of stated Value-Commor

Answer 1

Guillen Corporation Journal Enteries Date Particulars Debit in $ Credit in $ Apr-01 Cash 369000 Common Stock 175000 Paid in Capital in excess of Stated value - Common 194000 (25,000 shares x $17 per share = 425,000) 25000 x 7 = 175000 236000 Jun-15 Dividends Dividends Payable ((93,000 shares + 25,000 shares) < $2 per share = 236,000) 236000 236000 Jul-10 Dividends Payable Cash 236000 36000 14000 Dec-01 Cash Common Stock Paid in Capital in excess of Stated value - Common (2,000 shares x $18 per share = 425,000) 2000 x 7 = 14000 22000 420000 Dec-15 Dividends Dividends Payable ((118,000 shares + 2,000 shares) < $3.5 per share = 420,000) 420000