Olde Wine Corporation has 242,000 shares of $30 par
The monetary amount printed on a stock certificate.
common stock
The stock outstanding when a corporation has issued only oneclass of stock.
outstanding. On February 15, Olde Wine Corporation declared a 2%stock dividend to be issued May 2 to stockholders
The owners of a corporation.
of record on March 27. The market price of the stock
Shares of ownership of a corporation.
was $55 per share on February 15.
Journalize the entries required on February 15, March 27, andMay 2. If no entry is required, simply skip to the nexttransaction. Refer to the Chart of Accounts for exact wording ofaccount titles.
CHART OF ACCOUNTS Olde Wine 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 Accumulated Depreciation-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 of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary Journalize the entries required on February 15, March 27, andMay 2. 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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JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT 1
2
3
4
5
Solution
DATE DESCRIPTION POST. REF. DEBIT CREDIT 1
2
3
4
5
REVENUE 410 Sales 610 Interest Revenue
EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense
Olde Wine Corporation has 242,000 shares of $30 par
The monetary amount printed on a stock certificate.
common stock
The stock outstanding when a corporation has issued only oneclass of stock.
outstanding. On February 15, Olde Wine Corporation declared a 2%stock dividend to be issued May 2 to stockholders
The owners of a corporation.
of record on March 27. The market price of the stock
Shares of ownership of a corporation.
was $55 per share on February 15.
Journalize the entries required on February 15, March 27, andMay 2. 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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Related questions
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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