Problem 3- Complete the journal entries.
Homework Answers
Problem 3
| Date | General Journal | Debit | Credit |
| January 1 | Cash | $100,000 | |
| Common stock | $10,000 | ||
| Paid in capital in excess of par -common | $90,000 | ||
| June 30 | Retained earnings | $1,000 | |
| Dividend payable | $1,000 | ||
| July 15 | No entry | ||
| July 30 | Dividend payable | $1,000 | |
| Cash | $1,000 |
Dividend payable = Number of shares outstanding x Dividend per share
= 10,000 x 0.10
= $1,000
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Issued 4,900 common shares at $20
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2. Record the issuance of 52,000 shares of preferred stock for
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for $52 per share.
4. Record the resell of 6,000 shares of treasury stock for $57
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