Survivor company was formed on january 1 2006 by selling

Assignment Help Accounting Basics

Reference no: EM13602368

Survivor Company was formed on January 1, 2006 by selling and issuing 20,000 shares of common stock at $15 per share. On December 1, 2007, the company declared a cash dividend of $10,000 which will be paid in cash on January 15, 2008. The annual accounting period ends December 31.

A. Give the journal entry to record the sale and issuance of common stock on January 1, 2006, for each of the following independent assumptions:

1. The common stock has $10 par value per share
Date Account name Debit Credit

2. The common stock has a stated value of $5 per share with no par value.
Date Account name Debit Credit

3. The common stock has no par and no stated value

Date Account name Debit Credit

B Give the journal entry to record the dividend declaration on 12/01/2007
Date Account name Debit Credit

c. Give the journal entry to record the payment of the dividend on 01/15/2008
Date Account name Debit Credit

Reference no: EM13602368

Questions Cloud

A classmate is considering dropping his accounting class : a classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits.

Tech initiatives limited plans to issue 500000 10-year 4 : tech initiatives limited plans to issue 500000 10-year 4 percent bonds. interest is payable annually on december 31.

The framework used to record and summarize the economic : the framework used to record and summarize the economic activities of a business enterprise is referred to as the

Buzz must disclose the liability in a note because the : buzz coffee shops is famous for its large servings of hot coffee. after a famous case involving mcdonalds the lawyer

Survivor company was formed on january 1 2006 by selling : survivor company was formed on january 1 2006 by selling and issuing 20000 shares of common stock at 15 per share. on

Wabash inc had revenue and expenses from ongoing business : wabash inc. had revenue and expenses from ongoing business operations for the current year of 480000 and 430000

If the variable cost per unit increases by 1 spending on : oslo company prepared the following contribution format income statement based on a sales volume of 1000 units the

Naab inc uses a periodic inventory system its records show : naab inc. uses a periodic inventory system. its records show the following for the month of may in which 160 units

Budgeted direct labor cost was 100000 and budgeted direct : a company has identified the following overhead costs and cost drivers for the coming yearoverhead item cost driver

User Account

All Pages