In: Accounting
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:
Jan. | 8 | Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 141,000 common shares outstanding. |
Apr. | 30 | Declared semiannual dividends of $0.80 on 16,500 shares of preferred stock and $0.31 on the common stock payable on July 1. |
Jul. | 1 | Paid the cash dividends. |
Oct. | 31 | Declared semiannual dividends of $0.80 on the preferred stock and $0.16 on the common stock (before the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $53. |
Dec. | 31 | Paid the cash dividends and issued the certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
Journal
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Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
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PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 131/163
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
✔ |
✔Cash Dividends |
||||||
2 |
✔Cash Dividends Payable |
|||||||
3 |
✔ |
✔Cash Dividends Payable |
||||||
4 |
✔ cash |
|||||||
5 |
✔ |
✔Stock Dividends |
||||||
6 |
✔Cash Dividends Payable |
|||||||
7 |
✔ |
✔Stock Dividends |
||||||
8 |
✔Stock Dividends Distributable |
|||||||
9 |
||||||||
10 |
✔ |
✔Cash Dividends Payable |
||||||
11 |
✔cash |
|||||||
12 |
✔ |
✔Stock Dividends Distributable |
||||||
13 |
✔ common stock |