April 1 Issued 21,000 additional shares of common stock for $17 per shareJune 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.July 10 Paid the $1 cash dividend.Dec. 1 Issued 2,500 additional shared of common stock for $18 per shareDec. 15 Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts.Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do notindent manually.)DateAccount Titles and ExplanationDebitCreditApr. 1Cash357000Common StockPaid-in Capital in Excess of Stated Value-Common StockJune 15Cash DividendsDividends PayableJuly 10Dividends PayableCashDec. 1Cash45000Common StockPaid-in Capital in Excess of Stated Value-Common StockDec. 15Cash DividendsDividends Payable

Date Account titles Debit Credit April 1 Cash Account (21000 X…

Answered: Prepare the entries to record these…

Business

Accounting

Prepare the entries to record these transactions.(

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 28MC: What is the impact on the accounting equation when stock is issued, in exchange for assets? A. both...

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

April 1 Issued 21,000 additional shares of common stock for $17 per share

June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.

July 10 Paid the $1 cash dividend.

Dec. 1 Issued 2,500 additional shared of common stock for $18 per share

Dec. 15 Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31.

Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts.
Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 1
Cash
357000
Common Stock
Paid-in Capital in Excess of Stated Value-Common Stock
June 15
Cash Dividends
Dividends Payable
July 10
Dividends Payable
Cash
Dec. 1
Cash
45000
Common Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Dec. 15
Cash Dividends
Dividends Payable

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