Required information [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $45 per share. May 31 Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Required: 1. Record each of these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date January 02, 2024 Record entry 4 5 Record the issuance of 100,000 shares of common stock for $55 per share. 6 General Journal Clear entry 7 Debit Credit View general journal >
Required information [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $45 per share. May 31 Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Required: 1. Record each of these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date January 02, 2024 Record entry 4 5 Record the issuance of 100,000 shares of common stock for $55 per share. 6 General Journal Clear entry 7 Debit Credit View general journal >
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.6E
Related questions
Question
kau.3
![Required information
[The following information applies to the questions displayed below.]
Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 100,000 shares of common stock for $55 per share.
February 14 Issue 45,000 shares of preferred stock for $11 per share.
May 8
Purchase 10,000 shares of its own common stock for $45 per share.
May 31
Resell 5,000 shares of treasury stock for $50 per share.
December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value)
cash dividend on its preferred stock payable to all stockholders of record on December 15. The
dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Required:
1. Record each of these transactions.
Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
1
2
3
Note: Enter debits before credits.
Date
January 02, 2024
Record entry
4
5
Record the issuance of 100,000 shares of common stock for $55 per share.
6
General Journal
Clear entry
7
Debit
Credit
View general journal
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 100,000 shares of common stock for $55 per share.
February 14 Issue 45,000 shares of preferred stock for $11 per share.
May 8
Purchase 10,000 shares of its own common stock for $45 per share.
May 31
Resell 5,000 shares of treasury stock for $50 per share.
December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value)
cash dividend on its preferred stock payable to all stockholders of record on December 15. The
dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Required:
1. Record each of these transactions.
Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
1
2
3
Note: Enter debits before credits.
Date
January 02, 2024
Record entry
4
5
Record the issuance of 100,000 shares of common stock for $55 per share.
6
General Journal
Clear entry
7
Debit
Credit
View general journal
>
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