Madrid Corporation has 31,000 shares of $20 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $26 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank
Madrid Corporation has 31,000 shares of $20 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $26 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 4SEB: STOCK DIVIDENDS Martinez Company currently has 200,000 shares of 1 par common stock outstanding. On...
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Entries for Stock Dividends
Madrid Corporation has 31,000 shares of $20 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $26 per share on August 2.
Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
| Aug. 2 | fill in the blank 2 | fill in the blank 3 | |
| fill in the blank 5 | fill in the blank 6 | ||
| fill in the blank 8 | fill in the blank 9 | ||
| Sept. 15 | fill in the blank 11 | fill in the blank 12 | |
| fill in the blank 14 | fill in the blank 15 | ||
| Oct. 8 | fill in the blank 17 | fill in the blank 18 | |
| fill in the blank 20 | fill in the blank 21 |
Expert Solution
Step 1
Introduction:
Journals:
Recording of a business transactions in a chronological order.
First step in the preparation of final account is recording journals.
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