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28 Sep 2019
Pro-Builders Corporation has 1,500,000 shares of $5 par commonstock outstanding. On September 2, Pro-Builders Corporationdeclared a 3% stock dividend to be issued November 30 tostockholders of record on October 3. The market price of the stockwas $36 per share on September 2.
Journalize the entries required on September 2, October 3, andNovember 30. If no entry is required, simply skip to the nexttransaction. Refer to the Chart of Accounts for exact wording ofaccount titles.
CHARTOF ACCOUNTS Pro-Builders Corporation General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 AccumulatedDepreciation-Equipment
LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable
EQUITY 311 Common Stock 312 Paid-In Capital in Excess ofPar-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess ofPar-Preferred Stock 331 Paid-In Capital from Sale ofTreasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST.REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
2
3
4
5
Pro-Builders Corporation has 1,500,000 shares of $5 par commonstock outstanding. On September 2, Pro-Builders Corporationdeclared a 3% stock dividend to be issued November 30 tostockholders of record on October 3. The market price of the stockwas $36 per share on September 2.
Journalize the entries required on September 2, October 3, andNovember 30. If no entry is required, simply skip to the nexttransaction. Refer to the Chart of Accounts for exact wording ofaccount titles.
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General Ledger | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Collen VonLv2
28 Sep 2019