Requirement 1. Record the transactions. Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Acco Explanation column and leave the remaining cells blank.) Jan 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is Jan and the payment date is February 15. More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 - X Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. stock for $10 por Requirements 1. Record the transactions in Deerborn's general journal. 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000 Print - X Done
Requirement 1. Record the transactions. Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Acco Explanation column and leave the remaining cells blank.) Jan 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is Jan and the payment date is February 15. More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 - X Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. stock for $10 por Requirements 1. Record the transactions in Deerborn's general journal. 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000 Print - X Done
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 4PB: Leanders Landscaping Service maintains the following chart of accounts: The following transactions...
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Question
Start at Jul 30th and go all the way through please.
Transcribed Image Text:Deerborn Manufacturing Co. completed the following transactions during 2024:
i (Click the icon to view the transactions.)
Read the requirements.
Requirement 1. Record the transactions in Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and
Explanation column and leave the remaining cells blank.)
Jan. 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31,
and the payment date is February 15.
More info
Jan. 16
Feb. 15
Jun. 10
Jul. 30
Aug. 15
Oct. 26
Nov. 8
Nov. 30
C
- X
Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050
shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2
par value common stock outstanding. The date of record is January 31, and the payment
date is February
Paid the cash dividends.
Split common stock 2-for-1.
Declared a 30% stock dividend on the common stock. The market value of the common
stock was $9 per share.
Distributed the stock dividend.
Purchased 1,000 shares of treasury stock at $8 per share.
Sold 500 shares of treasury stock for $10 per share.
Sold 300 shares of treasury stock for $4 per share.
Requirements
1.
2.
Record the transactions in Deerborn's general journal.
Prepare the Deerborn's stockholders' equity section of the balance sheet as
of December 31, 2024. Assume that Deerborn was authorized to issue 2,600
shares of preferred stock and 400,000 shares of common stock. Both
preferred stock and common stock were issued at par. The ending balance of
retained earnings as of December 31, 2024, is $2,060,000.
4
Print
- X
Done
Transcribed Image Text:Date
Feb. 15: Paid the cash dividends.
Feb. 15
Date
Jun. 10
Dividers rayavitCTION
Declared a cash dividend.
Date
Jun. 10: Split common stock 2-for-1.
Jul. 30
Accounts and Explanation
Dividends Payable-Preferred
Dividends Payable-Common
Cash
Paid cash dividend.
Accounts and Explanation
No entry required
Debit
Stock Dividends
Common Stock Dividend Distributable
Paid-In Capital in Excess of Par-Common
6,489
20,000
Debit
Jul. 30: Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share.
Accounts and Explanation
Credit
Debit
20,000
600000
Credit
26,489
Credit
60,000
540000
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