Prepare journal entries to record transactions, Accounting Basics

On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. 1       Issued 25,000 shares of common stock for $550,000.
June 1       Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
June 30     Paid the $2.00 cash dividend.
Dec. 1       Purchased 5,000 shares of common stock for the treasury for $22 per share.
Dec. 15      Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.

Instructions

Prepare journal entries to record the above transactions.

 

Posted Date: 3/18/2013 3:41:53 AM | Location : United States







Related Discussions:- Prepare journal entries to record transactions, Assignment Help, Ask Question on Prepare journal entries to record transactions, Get Answer, Expert's Help, Prepare journal entries to record transactions Discussions

Write discussion on Prepare journal entries to record transactions
Your posts are moderated
Related Questions
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.

Q. What is T-account? To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account suc

Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,

In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter

The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $

THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c

Question: Part A: Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year. Part

Some the other concepts, as for example: the Matching concept, the Dual Aspect concept and the Realization concept are discussed in further sections, and as they have not been take

cross indexing is made up of

A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost? A. 1.5% B. 10.57% C. 15.83% D. 4