Details of this Paper

Prepare journal entries for ABC Co.'s following ev...

Description

Solution


Question

Prepare journal entries for ABC Co.'s following events. 05/12/08 Received charter authorizing ABC Co. to issue 20,000 shares of common stock at a par value of $2 per share 06/03/08 Issued 8,000 shares of stock, receiving $40,000. 06/04/08 Paid the law firm of Lo, Ball and Hyde for their services to help organize the company by sending them two thousand shares of stock. 11/15/08 Declared a cash dividend of $2 per share , payable on 01/15/09, to holders of record as of 12/15/08. 12/15/08 Make the appropriate entry. 12/31/08 Make any necessary adjusting entry. 01/15/09 Make the appropriate entry. 06/12/09 Declared a ten percent (10%) stock dividend,payable on 7/15/09( ignore the date of record for this event).The market value of the stock is $15 per share. 7/15/09 Make the appopriate entry. 8/15/09 Declared a two-for-one stock split. The market value of the stock is $15 per share. 9/15/09 Declared and paid a cash dividend of $2 per share(pretend this happens all in one day). 10/01/09 Purchased 1,000 shares of treasury stock for a total price of $30,000. 10/15/09 Declared and paid a cash dividend of $2 per share. 11/15/09 Reissued 400 shares of treasury stock at $32 each. 12/15/09 Reissued the remaining treasury stock at $10 per share,I have more problems/questions to come.

 

Paper#7907 | Written in 18-Jul-2015

Price : $25
SiteLock