40. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. 329 Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per snare. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Instructions Journalize the transactions for Patrick Corporation.

40. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. 329 Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per snare. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Instructions Journalize the transactions for Patrick Corporation.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6EA: James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its...

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