Instructions: Journalize the following transactions for ABC Rug Co. (Note: It is helpful to...
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Accounting
Instructions: Journalize the following transactions for ABC Rug Co.
(Note: It is helpful to keep track of the total outstanding shares.)
January 1, '14, Issued 300 shares of $2 par value common stock for $1,500.
January 15, '14, Issued 100 shares of its stock for a used truck advertised for sale at $900. (The stock is actively traded at a market price of $6 per share.)
April 1, '14, Board of directors declared a 10% stock dividend when the stock has a market price of $8 per share.
April 30, '14, Above stock dividend is distributed.
May 1, '14, Board of Directors declared a 2 for 1 stock split.
July 1, '14, the Company repurchased 60 shares of its common stock for $8 per share.
August 1, '14, they sold 30 of the treasury shares for $10 per share.
September 1, '14, sold 30 treasury shares at $5 per share.
October 31, '14, the board of directors declared a $.20 per share dividend.
November 30, '14 the above dividend is payable to shareholders of record on this day.
December 31, '14 the Company pays the dividends.
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