On January 1, 2026, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30 Dec. 1 Dec. 15 Issued 90,000 shares of common stock for $675,000. Declared a cash dividend of $2.00 per share to stockholders of record on June 15. Paid the $2.00 cash dividend. Purchased 5,000 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Indicate the accounts increased or decreased to record the above transactions.
On January 1, 2026, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30 Dec. 1 Dec. 15 Issued 90,000 shares of common stock for $675,000. Declared a cash dividend of $2.00 per share to stockholders of record on June 15. Paid the $2.00 cash dividend. Purchased 5,000 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Indicate the accounts increased or decreased to record the above transactions.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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![Your answer is partially correct.
On January 1, 2026, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year,
the following transactions occurred:
Mar. 1
June 1
June 30
Dec. 1
Dec. 15
Issued 90,000 shares of common stock for $675,000.
Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
Paid the $2.00 cash dividend.
Purchased 5,000 shares of common stock for the treasury for $18 per share.
Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.
Indicate the accounts increased or decreased to record the above transactions.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F556baf2a-624c-401c-8f95-c64b14f9bceb%2Fc11c4f43-8eb1-46f1-b324-ea7fe4950106%2Fveclkh_processed.png&w=3840&q=75)
Transcribed Image Text:Your answer is partially correct.
On January 1, 2026, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year,
the following transactions occurred:
Mar. 1
June 1
June 30
Dec. 1
Dec. 15
Issued 90,000 shares of common stock for $675,000.
Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
Paid the $2.00 cash dividend.
Purchased 5,000 shares of common stock for the treasury for $18 per share.
Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.
Indicate the accounts increased or decreased to record the above transactions.
![Date Account Titles
Mar. 1
June 1
June 30
Dec. 1
Dec. 15
Cash
Common Stock
Paid-in Capital in Excess of Par Value-Common Stock
Cash Dividends
Dividends Payable
Cash Dividends
Cash
Treasury Stock
Cash
Cash Dividends
Dividends Payable
Increase/Decrease
Increase
Increase V
Increase V
Increase V
Increase V
Decrease V
Decrease
Increase
Decrease
Increase
Increase
V
$
$
$
$
$
$
$
$
$
$
$
Amount
675000
90000
585000
150000
150000
150000
150000
90000
90000
187500
187500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F556baf2a-624c-401c-8f95-c64b14f9bceb%2Fc11c4f43-8eb1-46f1-b324-ea7fe4950106%2Fjqnrs4_processed.png&w=3840&q=75)
Transcribed Image Text:Date Account Titles
Mar. 1
June 1
June 30
Dec. 1
Dec. 15
Cash
Common Stock
Paid-in Capital in Excess of Par Value-Common Stock
Cash Dividends
Dividends Payable
Cash Dividends
Cash
Treasury Stock
Cash
Cash Dividends
Dividends Payable
Increase/Decrease
Increase
Increase V
Increase V
Increase V
Increase V
Decrease V
Decrease
Increase
Decrease
Increase
Increase
V
$
$
$
$
$
$
$
$
$
$
$
Amount
675000
90000
585000
150000
150000
150000
150000
90000
90000
187500
187500
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