Acc206 Principles of Accounting II: P13-24A Summerborn Manufacturing, Co.
Acc206 Principles of Accounting
P13-24A Journalizing stockholders' equity transactions [20-25 min] Summerborn Manufacturing, Co., completed the following transactions during 2012: Jan 16 - Declared a cash dividend on the 5%, $100 par preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15. Feb 15 - Paid the cash dividends. Jun 10 - Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding. Jul 30 - Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share. Oct 26 - Purchased 1,000 shares of treasury stock at $13 per share. Nov 8 - Sold 500 shares of treasury stock for $15 per share. Nov 30 - Sold 300 shares of treasury stock for $8 per share.
Requirement 1. Record the transactions in Summerborn's general journal