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28 Sep 2019
Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
Jan. 8 Split the common stock 2 for 1 andreduced the par from $80 to $40 per share. After the split, therewere 123,000 common shares outstanding. Apr. 30 Declared semiannual dividends of$0.80 on 16,500 shares of preferred stock and $0.27 on the commonstock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of$0.80 on the preferred stock and $0.15 on the common stock (beforethe stock dividend). In addition, a 3% common stock dividend wasdeclared on the common stock outstanding. The fair market value ofthe common stock is estimated at $51. Dec. 31 Paid the cash dividends and issuedthe certificates for the common stock dividend.
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles. Enter the October 31 and December31 transactions as two separate journal entries on each date.
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JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST.REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
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Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
Jan. | 8 | Split the common stock 2 for 1 andreduced the par from $80 to $40 per share. After the split, therewere 123,000 common shares outstanding. |
Apr. | 30 | Declared semiannual dividends of$0.80 on 16,500 shares of preferred stock and $0.27 on the commonstock payable on July 1. |
Jul. | 1 | Paid the cash dividends. |
Oct. | 31 | Declared semiannual dividends of$0.80 on the preferred stock and $0.15 on the common stock (beforethe stock dividend). In addition, a 3% common stock dividend wasdeclared on the common stock outstanding. The fair market value ofthe common stock is estimated at $51. |
Dec. | 31 | Paid the cash dividends and issuedthe certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles. Enter the October 31 and December31 transactions as two separate journal entries on each date.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
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Reid WolffLv2
28 Sep 2019