Question

On January 1, 2018, Accustart Corporation had 72,000 common shares, recorded at $660,000, and retained earnings of $1,050,000. During the year, the following transactions occurred: Apr. 2 Issued 5,000 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 common shareholders of record on September 5, distributable on September 20. The shares were trading for $23 a share on August 21, $24 on September 5, and $26 on September 20. Nov. 1 Issued 3,300 common shares at $25 per share. Dec. 20 Declared a cash dividend of $0.40 per share to common shareholders of record on December 31, payable on January 10. (a) - Your answer is partially correct. Record the above transactions for 2018. (Note: Closing entries are not required.) (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 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit

Answer 1

Date	General Journal	Debit	Credit
Jun-15	Dividends declared	$   26,950
	Dividends payable		$   26,950
Jul-10	Dividends payable	$   26,950		You put dot after 26. it is wrong
	Cash		$   26,950
Dec-20	Dividend declared ((((72,000+5,000)*105%)+3,300)*$0.40)	$   33,660
	Dividends payable		$   33,660

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