Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
Jan. 8 Split the common stockThe stock outstanding when a corporation has issued only oneclass of stock.
2 for 1 and reduced the parThe monetary amount printed on a stock certificate.
from $80 to $40 per share. After the split, there were 171,000common shares outstanding. Apr. 30 Declared semiannual dividends of $0.70 on 16,000 shares ofpreferred stockA class of stock with preferential rights over common stock.
and $0.21 on the common stock payable on July 1. Jul. 1 Paid the cash dividendsA cash distribution of earnings by a corporation to itsshareholders.
. Oct. 31 Declared semiannual dividends of $0.70 on the preferred stockand $0.16 on the common stock (before the stock dividendA distribution of shares of stock to a corporationâsstockholders.
). In addition, a 2% common stock dividend was declared on thecommon stock outstanding. The fair market value of the common stockis estimated at $54. Dec. 31 Paid the cash dividends and issued the certificates for thecommon stock dividend.
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
CHART OF ACCOUNTS Canyon Ferry Boating 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 transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
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Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
| Jan. | 8 | Split the common stock The stock outstanding when a corporation has issued only oneclass of stock. 2 for 1 and reduced the parThe monetary amount printed on a stock certificate. from $80 to $40 per share. After the split, there were 171,000common shares outstanding. |
| Apr. | 30 | Declared semiannual dividends of $0.70 on 16,000 shares ofpreferred stock A class of stock with preferential rights over common stock. and $0.21 on the common stock payable on July 1. |
| Jul. | 1 | Paid the cash dividends A cash distribution of earnings by a corporation to itsshareholders. . |
| Oct. | 31 | Declared semiannual dividends of $0.70 on the preferred stockand $0.16 on the common stock (before the stock dividend A distribution of shares of stock to a corporationâsstockholders. ). In addition, a 2% common stock dividend was declared on thecommon stock outstanding. The fair market value of the common stockis estimated at $54. |
| Dec. | 31 | Paid the cash dividends and issued the certificates for thecommon stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
| CHART OF ACCOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related questions
Selected transactions completed by Primo Discount Corporationduring the current fiscal year are as follows:
| Jan. | 9 | Split the common stock The stock outstanding when a corporation has issued only oneclass of stock. 3 for 1 and reduced the parA dollar amount assigned to each share of stock. from $75 to $25 per share. After the split, there were 1,201,500common shares outstanding. |
| Feb. | 28 | Purchased 40,200 shares of the corporationâs own common stockat $27, recording the stock Shares of ownership of a corporation. at cost. |
| May | 1 | Declared semiannual dividends Distribution of a corporationâs earnings to stockholders. of $0.70 on 70,500 shares of preferred stockA class of stock with preferential rights over common stock. and $0.14 on the common stock to stockholdersThe owners of a corporation. of record on June 1, payable on July 10. |
| Jul. | 10 | Paid the cash dividends A cash distribution of earnings by a corporation to itsshareholders. . |
| Sep. | 7 | Sold 31,600 shares of treasury stock Stock that a corporation has once issued and thenreacquires. at $33, receiving cash. |
| Oct. | 1 | Declared semiannual dividends of $0.70 on the preferred stockand $0.14 on the common stock (before the stock dividend). Inaddition, a 2% common stock dividend A distribution of shares of stock to its stockholders. was declared on the common stock outstanding. The fair market valueof the common stock is estimated at $38. |
| Dec. | 1 | Paid the cash dividends and issued the certificates for thecommon stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Primo Discount Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
| Jan. | 8 | Split the common stock 2 for 1 andreduced the par from $80 to $40 per share. After the split, therewere 171,000 common shares outstanding. |
| Apr. | 30 | Declared semiannual dividends of$0.70 on 16,000 shares of preferred stock and $0.21 on the commonstock payable on July 1. |
| Jul. | 1 | Paid the cash dividends. |
| Oct. | 31 | Declared semiannual dividends of$0.70 on the preferred stock and $0.16 on the common stock (beforethe stock dividend). In addition, a 2% common stock dividend wasdeclared on the common stock outstanding. The fair market value ofthe common stock is estimated at $54. |
| Dec. | 31 | Paid the cash dividends and issuedthe certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
CHART OF ACCOUNTSCanyon Ferry Boating CorporationGeneralLedger
| 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 |
| 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles. PAGE 10 JOURNAL
|
Selected transactions completed by Canyon Ferry BoatingCorporation during the current fiscal year are as follows:
| Jan. | 8 | Split the common stock 2 for 1 andreduced the par from $80 to $40 per share. After the split, therewere 123,000 common shares outstanding. |
| Apr. | 30 | Declared semiannual dividends of$0.80 on 16,500 shares of preferred stock and $0.27 on the commonstock payable on July 1. |
| Jul. | 1 | Paid the cash dividends. |
| Oct. | 31 | Declared semiannual dividends of$0.80 on the preferred stock and $0.15 on the common stock (beforethe stock dividend). In addition, a 3% common stock dividend wasdeclared on the common stock outstanding. The fair market value ofthe common stock is estimated at $51. |
| Dec. | 31 | Paid the cash dividends and issuedthe certificates for the common stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles. Enter the October 31 and December31 transactions as two separate journal entries on each date.
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JOURNAL
ACCOUNTING EQUATION
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