Journalizing stockholders’ equity transactions [20-25 min]
Summerborn Manufacturing, Co., completed the following transactions during 2012:
Jan16 | Declared a cash dividend on the 5%, $100 par preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15. |
Feb15 | Paid the cash dividends. |
Jun 10 | Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding. |
Jul 30 | Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share. |
Oct 26 | Purchased 1,000 shares of treasury stock at $13 per share. |
Nov 8 | Sold 500 shares of treasury stock for $15 per share. |
Nov30 | Sold 300 shares of treasury stock for $8 per share. |
Requirement
1. Record the transactions in Summerborn’s general journal.
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