Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (a) prepare the general journal entries necessary

(a) Prepare the general journal entries necessary to record these transactions. Identify each transaction by...

70.2K

Verified Solution

Question

Accounting

image(a) Prepare the general journal entries necessary to record these transactions. Identify each transaction by the date, and if no entry is required, write No Entry.

(b) How many shares were outstanding as of December 31, 2021

1. On January 1, the company was formed, and was authorized to issue 125,000 shares of $3 par value common stock. 2. On January 2, 95,000 shares were issued for $18 per share. 3. On March 31, OldCo issued a 1:2 reverse stock split. 4. On April 15, OldCo issued and distributed a 4% stock dividend, when the shares were valued at $12 per share. 5. On June 30, OldCo declared a cash dividend of $0.30, payable to the shareholders of record on July 15, to be paid on July 25. 6. On August 2, the company purchases 935 shares of the common stock outstanding at $35 per share and retired the shares

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students