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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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Expert Solution

Date Account Titles Debit Credit
Jan-01 Cash Dividend $        2,36,000
       Cash Dividend Payable $          2,36,000
Jan-31 Cash Dividend Payable $        2,36,000
       Cash $          2,36,000
Apr-30 No entry, Shares increased to 120000 shares
Sep-30 Cash $        1,08,000
     Common Stock $          1,08,000
Nov-30 Common Stock $           45,000
Retained Earnings $           15,000
       Cash $             60,000

ekkarill92 answered 1 year ago
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