Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has the following transactions: Mar. 1 Declares a cash dividend of $3 per share Mar. 30 Pays the cash dividend Journalize these transactions for March 1st and March 30th.

Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has the following transactions: Mar. 1 Declares a cash dividend of $3 per share Mar. 30 Pays the cash dividend Journalize these transactions for March 1st and March 30th.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7PB: Tent Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated...

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