BrightBright
âSchools, Inc. is authorized to issueâ 200,000 shares of
â$22
par common stock. The company issued
78 comma 00078,000
shares at
$ 6$6
per share. When the market price of common stock was
$ 8$8
perâ share,
BrightBright
declared and distributed a
1010â%
stock dividend.â Later,
BrightBright
declared and paid a
$ 0.30$0.30
per share cash dividend.Read the requirements
LOADING...
.
Requirement 1. Journalize the declaration andthe distribution of the stock dividend.â (Record debitsâ first,then credits. Select the explanation on the last line of thejournal entryâ table.)
âFirst, journalize the declaration of the stock dividend.
Date
Accounts and Explanation
Debit
Credit
Now journalize the distribution of the stock dividend.
Date
Accounts and Explanation
Debit
Credit
Requirement 2. Journalize the declaration andpayment of the cash dividend.â (Record debitsâ first, then credits.Select the explanation on the last line of the journal entryâtable.)
Begin by journalizing the declaration of the cash dividend.
Date
Accounts and Explanation
Debit
Credit
Now journalize the payment of the cash dividend.
Date
Accounts and Explanation
Debit
Credit
BrightBright
âSchools, Inc. is authorized to issueâ 200,000 shares of
â$22
par common stock. The company issued
78 comma 00078,000
shares at
$ 6$6
per share. When the market price of common stock was
$ 8$8
perâ share,
BrightBright
declared and distributed a
1010â%
stock dividend.â Later,
BrightBright
declared and paid a
$ 0.30$0.30
per share cash dividend.Read the requirements
LOADING...
.
Requirement 1. Journalize the declaration andthe distribution of the stock dividend.â (Record debitsâ first,then credits. Select the explanation on the last line of thejournal entryâ table.)
âFirst, journalize the declaration of the stock dividend.
Date | Accounts and Explanation | Debit | Credit | ||||
Now journalize the distribution of the stock dividend.
Date | Accounts and Explanation | Debit | Credit | ||
Requirement 2. Journalize the declaration andpayment of the cash dividend.â (Record debitsâ first, then credits.Select the explanation on the last line of the journal entryâtable.)
Begin by journalizing the declaration of the cash dividend.
Date | Accounts and Explanation | Debit | Credit | ||
Now journalize the payment of the cash dividend.
Date | Accounts and Explanation | Debit | Credit | ||
Related questions
Stores is authorized to issue10,000
shares of common stock. During aâ two-month period,Captain
completed theseâ stock-issuance transactions:
| Jan | 23 | Issued 2,600 shares of $2.50 par common stock for cash of $15.00 per share. | |||||||||||||||||||||||||||||
| Feb | 12 | Received inventory with a market value of $20,000 and equipment with market | |||||||||||||||||||||||||||||
| value of $45,000 for 3,300 shares of the $2.50 par common stock. Requirements
Requirement 1. Journalize the transactions. Begin by journalize the transaction onJanuaryJanuary 23. â(Record debitsâ first, then credits. Exclude explanations from any journalâ entries.)
| |||||||||||||||||||||||||||||||
The statement of cash flows forPicture PerfectPhotographyreported the following for the year ended Decemberâ 31,2014â:
Cash flows from financing activities: | |
Dividends (declared and) paid. . . . . . . . . . . . . . . . . .. . . . | $(8,000) |
Proceeds from issuance of common shares. . . . . . . . . . .. | 14,200 |
Payments of short-term notes payable. . . . . . . . . . . . . .. | (6,700) |
Payments of long-term notes payable. . . . . . . . . . . . . . .. | (1,350) |
Proceeds from issuance of long-term notes payable. . . . . . | 2,800 |
Requirement 1. Make the journal entrythatPicture Perfectused to record each of these transactions. Beginwith the declaration of dividends. â(Record debitsâ first,then credits. Explanations are notâ required.)
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Now record the payment of the dividends.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Record the proceeds from the issuance of common shares.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Now record the payments ofâ short-term notes payable.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
âLet's record the payments ofâ long-term notes payable.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Record the proceeds from issuance ofâ long-term notespayable.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 11.). Journalize the closing entries. â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)
Start by closing revenues.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (1) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Close expenses for the period.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (2) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Close Income Summary.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (3) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
