question archive Record the following in the general journal: 2/15- Your Co
Record the following in the general journal: 2/15- Your Co
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Record the following in the general journal: 2/15- Your Co. issued 7000 shares of preferred stock ($4 per share par value ) and received a total of $140000. 4/g- Your Co. issued 10500 shares of common stock ($2 per share par value ) and received a total of $105000. 6/22- Your Co. paid $45360 in dividends declared last year. 10/1- Your Co. declared a dividend of $0.5 per share on its $1 per share par value common stock. It issued 140000 shares, authorized 560000, & 126000 shares are outstanding. 12/5- Your Co. purchased back 3500 shares of its own common stock (par value of $2 per share) paying a total of General Journal Date Account/Explanation PR Debit Credit 2/15/X1 (Issue 7000 shores preferred stock) 4/8/X1 (Issue 10500 shares common stock) 6/22/X1 (Pay dividends) 10/1/X1 (Declare $0.50 per share dividend) 12/5/X1 (Purchase back Your Co. stock)
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2/15
Dr. Cash 140 000
Cr. Preferred stock 28,000
Cr. Share premium - PS 112,000
4/8
Dr. Cash 105 000
Cr. Common stock 21 000
Cr. Share premium - CS 84 000
6/22
Dr. Dividends payable 45 360
Cr. Cash 45 360
10/1
Dr. Retained earnings 63 000
Cr. Dividends payable 63 000
