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







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