Prepare journal entries to record the transactions, Financial Accounting

Assignment Help:

On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 30,000 shares of common stock for $300,000.
June 1 Declared a cash dividend of $1.50 per share to stockholders of record on June 15.
June 30 Paid the $1.50 cash dividend.
Dec. 1 Purchased 5,000 shares of common stock for the treasury for $20 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2 per share to stockholders of record on December 31.
Instructions
Prepare journal entries to record the above transactions.


Related Discussions:- Prepare journal entries to record the transactions

Earnings per share, Rockland Corporation earned net income of $346,500 in 2...

Rockland Corporation earned net income of $346,500 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $924,000 of 10% bon

Cost of Loan, Given information: Offered a $20 million commercial loan pri...

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank''s swap trading desk

Explain in the money and out of the money option, Q. Explain In the Money a...

Q. Explain In the Money and Out of the Money option? In the Money option - Option granted with an exercise price below market price on grant date Out of the Money option - O

Consolidated cashflow statements, CONSOLIDATED CASHFLOW STATEMENTS (IAS 7) ...

CONSOLIDATED CASHFLOW STATEMENTS (IAS 7) The basic cash flow statement has been covered under Financial Accounting II. The following introduction will serve as a quick reminder.

Capital asset pricing model to estimate a project, Q. Capital asset pricing...

Q. Capital asset pricing model to estimate a project? CAPM could have been utilized to estimate a project - specific Ke if the project activities were different from that of th

Determine the amount of translation adjustment, Alliance Corporation (an Au...

Alliance Corporation (an Australian company) invests 1,000,000 marks in a foreign subsidiary on January 1, Year 1. The subsidiary commences operations on that date, and generates n

What was lavina''s accrual-basis net income (loss) for year, During 2011, L...

During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of $

Bank reconcillation statement, cheque issued and presented for payment 400 ...

cheque issued and presented for payment 400 in cash book debit balance

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd