Log in
Accounting
1
answer
0
watching
455
views

Alpine Energy Corporation has 1,500,000 shares of $40 par common stock outstanding. On August 2, Alpine Energy declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $70 per share on August 2.

Journalize the entries required on August 2, September 15, and October 8.

If no entry is required, select "No entry required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.

Watch
1
answer
0
watching
455
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Patrina Schowalter
Patrina SchowalterLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

Pro-Builders Corporation has 1,500,000 shares of $5 par common stock outstanding. On September 2, Pro-Builders Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $36 per share on September 2. Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Accrued Product Warranty Lachgar Industries warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $285,000 for September. In October, a customer received warranty repairs requiring $145 of parts and $75 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at September 30, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in October.

Entries for Issuing Bonds and Amortizing Premium byStraight-Line Method

Daan Corporation wholesales repair products to equipmentmanufacturers. On April 1, 2014, Daan Corporation issued $1,400,000of 4-year, 8% bonds at a market (effective) interest rate of 7%,receiving cash of $1,448,117. Interest is payable semiannually onApril 1 and October 1.

a. Journalize the entry to record the issuanceof bonds on April 1, 2014. For a compound transaction, if an amountbox does not require an entry, leave it blank.

b. Journalize the entry to record the firstinterest payment on October 1, 2014, and amortization of bondpremium for six months, using the straight-line method. (Round tothe nearest dollar.) For a compound transaction, if an amount boxdoes not require an entry, leave it blank.

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in