Stevie-Q Sporting, Inc., completed the following selected transactions during 2018 (Click the icon to view the transactions) Requirements 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any joumal entries. If no journal entry is required, select "No entry required" on the first line of the Accounts column and leave all other cells blank.) Jan 6: Declared a cash dividend on the 10.000 shares of $4, no-par preferred stock outstanding. Declared a $0.50 per share dividend on the 20,000 shares of common stock outstanding. The date of record is January 17, and the payment date is January 20 Start by preparing the necessary entry on the date of declaration-January 6 (Prepare a compound entry) Journal Entry Accounts Jan Date 6 More info COD Debit Credit Jan 6 Declared a cash dividend on the 10,000 shares of $4, no-par preferred stock outstanding Declared a $0.50 per share dividend on the 20,000 shares of common stock outstanding. The date of record is January 17, and the payment date is January 20 Jan 20 Paid the cash dividends Mar 21 Split common stock 2-for-1 by calling in the 20,000 shares of $12 par common stock and issung new stock in its place. Apr 18 Declared and distributed a 10% stock dividend on the common stock. The market value of the common stock was $28 per share Jun 10 Purchased 6,000 shares of treasury common stock at $33 per share Dec 22 Sold 4,000 shares of treasury common stock for $37 per share X
Stevie-Q Sporting, Inc., completed the following selected transactions during 2018 (Click the icon to view the transactions) Requirements 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any joumal entries. If no journal entry is required, select "No entry required" on the first line of the Accounts column and leave all other cells blank.) Jan 6: Declared a cash dividend on the 10.000 shares of $4, no-par preferred stock outstanding. Declared a $0.50 per share dividend on the 20,000 shares of common stock outstanding. The date of record is January 17, and the payment date is January 20 Start by preparing the necessary entry on the date of declaration-January 6 (Prepare a compound entry) Journal Entry Accounts Jan Date 6 More info COD Debit Credit Jan 6 Declared a cash dividend on the 10,000 shares of $4, no-par preferred stock outstanding Declared a $0.50 per share dividend on the 20,000 shares of common stock outstanding. The date of record is January 17, and the payment date is January 20 Jan 20 Paid the cash dividends Mar 21 Split common stock 2-for-1 by calling in the 20,000 shares of $12 par common stock and issung new stock in its place. Apr 18 Declared and distributed a 10% stock dividend on the common stock. The market value of the common stock was $28 per share Jun 10 Purchased 6,000 shares of treasury common stock at $33 per share Dec 22 Sold 4,000 shares of treasury common stock for $37 per share X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Stevie - Sporting, Inc., completed the following selected transactions during 2018:
(Click the icon to view the transactions)
Requirements
1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries. If no journal entry is required, select "No entry required" on the first line of
the Accounts column and leave all other cells blank.)
Jan 6: Declared a cash dividend on the 10,000 shares of $4, no-par preferred stock outstanding. Declared a $0.50 per share dividend on the 20,000 shares of common stock outstanding. The date of
record in January 17, and the payment date is January 20
Start by preparing the necessary entry on the date of declaration-January 6. (Prepare a compound entry),
Journal Entry
Accounts
Jan
Date
6
More info
Con
Debit
Credit
Jan 6 Declared a cash dividend on the 10,000 shares of $4, no-par preferred stock
outstanding Declared a $0.50 per share dividend on the 20,000 shares of common
stock outstanding. The date of record is January 17, and the payment date is January
20.
Jan 20 Paid the cash dividends
Mar 21 Split common stock 2-for-1 by calling in the 20,000 shares of $12 par common stock
and issuing new stock in its place.
Apr 18 Declared and distributed a 10% stock dividend on the common stock. The market
value of the common stock was $28 per share
Jun 10 Purchased 8,000 shares of treasury common stock at $33 per share
Dec 22 Sold 4,000 shares of treasury common stock for $37 per share
- X
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