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The following information was obtained from Geneveraux Corporation records on December 31, 2019. Preferred Shares, $2...

The following information was obtained from Geneveraux Corporation records on December 31, 2019. Preferred Shares, $2 cumulative*, 22,000 shares authorized and outstanding $738,000 Common Shares, unlimited authorization, 60,000 shares outstanding $900,000 Retained Earnings $560,000 *no dividends have been declared in 2017, 2018 and 2019

prepare journal entries for the following selected transactions during 2020. Jan.

1 All the necessary dividends were declared on Jan 1st to pay on Jan 31st a $1 per common share to the shareholders of record at Jan 15th. Jan. 31 All dividends were paid Apr. 30 Declared a 2 for 1 common share split. Market value was $15.00 on Apr. 30. Sept. 30 Issued 6,000 shares of the company's common stock at $18.00 per share. Nov. 30 Repurchased and cancelled 3,000 common shares at $20.00 per share.

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Date Account Titles Debit Credit
Jan-01 Retained Earnings $            1,04,000
       Cash Dividend Payable $          1,04,000
Jan-31 Cash Dividend Payable $            1,04,000
        Cash $          1,04,000
Apr-30 No entry
Sep-30 Cash $            1,08,000
       Common Stock $          1,08,000
Nov-30 Common Stock $                60,000
       Cash $             60,000

Alternative for last entry

Nov-30 Common Stock $                45,000
Retained Earnings $                15,000
       Cash $             60,000

ekkarill92 answered 2 years ago
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