The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the journal entry. Then prepare the stockholder's equity section of the balance sheet. Note: Cougar Corp. earned $100,000 of net income. a. Cougar Corp. sold 6,000 shares of $3 par value common stock for $27,000. b. Cougar Corp. declared dividends of $4/share. c. Cougar Corp. paid dividends declared in (b.). d. Cougar Corp. repurchased 1,500 shares of the stock sold in (a.) for $15/share. e. Cougar Corp. sold 500 of the shares purchased in (d.) for $21/share. DR CR Date
The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the journal entry. Then prepare the stockholder's equity section of the balance sheet. Note: Cougar Corp. earned $100,000 of net income. a. Cougar Corp. sold 6,000 shares of $3 par value common stock for $27,000. b. Cougar Corp. declared dividends of $4/share. c. Cougar Corp. paid dividends declared in (b.). d. Cougar Corp. repurchased 1,500 shares of the stock sold in (a.) for $15/share. e. Cougar Corp. sold 500 of the shares purchased in (d.) for $21/share. DR CR Date
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...
Related questions
Question
Help me please
Transcribed Image Text:The following transactions occurred during the first year of operations for Cougar Corp.
for each transaction prepare the journal entry.
Then prepare the stockholder's eguity section of the balance sheet.
Note: Cougar Corp. earned $100,000 of net income.
a. Cougar Corp. sold 6,000 shares of $3 par value common stock for $27,000.
b. Cougar Corp. declared dividends of $4/share.
c. Cougar Corp. paid dividends declared in (b.).
d. Cougar Corp. repurchased 1, 500 shares of the stock sold in (a.) for $15/share.
e. Cougar Corp. sold 500 of the shares purchased in (d.) for $21/share.
DR
CR
Date
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub