ACC 206 Week 1- P13-24A
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 27 views.
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Date Created: 11/11/15
P1324A Summerborn Manufacturing Co ACC206 Principles of Accounting IIAU 1 e x s P1324A r r r 39Journalizing stockholders39 equity transactions 2025 min Summerborn Manufacturing Co completed the following transactions during 2012 Jan Feb 15 Jun 10 Jul 30 Oct 26 New 8 New 30 eolared a cash dividend on the 5 100 per preferred stock 900 shares outstanding eelared a 030 per share dividend on the 80000 shares of common stock outstanding The date f record is January 31 and the paymeht due dat is February t5 Paid the cash dividends Split common stock for t Before the split Summerborn had 80000 shares of 6 per common stock outstanding Distributed a 50 stock dividend on the eommoh stock The market value of the common stock was 9 pr share Purchased 1000 shares of treasury stock at per share Sold EDD shares of treasuryr stock for 15 per share Sold 300 shares of treasury stock for 8 per share Requirement 1 Req 1 Record the transactions in Summerborn39s general journal 2025 min P 1324A Journal Entry DA TE ACCOUNTS AND EXPLANATIONS POST REF DEBIT CREDIT 2009 Jan 16 Retained earnings 28500 Dividends payable preferred 900 x 05 x 100 4500 Dividends payable common 80000 x 30 24000 Declared a cash dividend Feb 15 Dividends payable preferred 4500 Dividends payable common 24000 Cash 28500 Paid a cash dividend Jun 10 Split the common stock 2 for 1 OLD 80000 shares issued and outstanding 6 par NEW 160000 shares issued and outstanding 3 par Jul 30 Retained earnings 160000 x 50 x 3 par 240000 Common stock 240000 Distributed a stock dividend Journal POST DATE ACCOUNTS AND EXPLANATIONS REF DEBIT CREDIT 0 26 Treasury stock 1000 x 13 000 13 Cash 13000 Purchased treasury stock Nov 8 Cash 500 x 15 7500 Treasury stock 500 x 13 6500 Paidin capital from treasury stock transactions 1000 Sold treasury stock Nov 30 Cash 300 at 8 2400 Paidin capital from treasury stock transactions 1000 Retained earnings 500 Treasury stock 300 x 13 3900 Sold treasury stock
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