Homework Answers
Answer:
| Date | Account Titles and Explanation | Debit ($) | Credit ($) |
| April 02 | Cash | $102,000 | |
| Common Shares | $102,000 | ||
| (To record the issuance of common stock) | |||
| June 15 | Dividends Declared (77100*0.35) | $26,985 | |
| Dividends Payable | $26,985 | ||
| (To record the declaration of dividends) | |||
| July 10 | Dividends Payable | $26,985 | |
| Cash | $26,985 | ||
| (To record the payment of dividends) | |||
| August 21 | Dividends Declared (77100*5%)*22 | $84,810 | |
| Stock dividends distributable | $84,810 | ||
| (To record declare stock dividends) | |||
| September 20 | Stock dividends distributable | $84,810 | |
| Common Shares | $84,810 | ||
| (To record the issuance of common stock) | |||
| November 01 | Cash (3300*24) | $79,200 | |
| Common Shares | $79,200 | ||
| (To record the issuance of common stock) | |||
| December 20 | Dividends Declared (84255*0.40) | $33,702 | |
| Dividends Payable | $33,702 | ||
| (To record the declaration of dividends) |
Note: Number of common stock (72000+5100+3855+3300) = 84255
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Apr.
2
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21
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On January 1, 2018, Marshall Corporation had 79,000 common shares,
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year, the following transactions occurred:
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2
Issued 4,900 common shares at $20
per share.
June
15
Declared a cash dividend of $0.35
per share to common shareholders of record on June 30, payable on
July 10.
Aug.
21
Declared a 5% stock dividend to
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required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
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