question archive On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par value of $3 per share
On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par value of $3 per share
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On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par value of $3 per share. On March 31, Alpha Corporation authorized a 10% stock dividend when the market value was $8 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."
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Answer:
General Journal Entry:
| Date | Accounts Title | Debit ($) | Credit ($) |
| Mar - 31 | Retained Earning | 240,000 | |
| Common Stock | 90,000 | ||
| Paid-in Capital in excess of Par-Common stock | 150,000 | ||
