Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ardner corporation is authorized to issue 25,000 s

Ardner Corporation is authorized to issue 25,000 shares of $10 par value common stock. During...

90.2K

Verified Solution

Question

Accounting

Ardner Corporation is authorized to issue 25,000 shares of $10 par value common stock. During 2017, Ardners first year of operations, the company has the following stock transactions:

On the form provided on the following page, journalize the transactions for Ardner Corporation.

Jan. 15 Issued 20,000 shares of stock at $15 per share.

July 5 Purchased 1,000 shares of its own $10 par value common stock for $25

per share.

July 10 Declared a dividend of $.50 per share. The dividend is to be paid on August 1

to all shareholders of record on July 26.

July 26 Date of record for cash dividend.

Aug. 1 Paid the cash dividend.

Aug. 17 Sold 500 shares of treasury stock purchased for $30 per share.

Oct. 28 Sold the remaining shares of treasury stock purchased for $10 per share.

Nov. 15 Issued 2,000 share in exchange for a vehicle. At that time the stock was selling for $18

per share and the market value of the vehicle was $41,000.

Date

Account Titles

Debit

Credit

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

Chemistry
1.2K views

Determine the mass of chloride (MW = 35.45 g/mol ) in grams present in 100 mL...

Basic Math
1.2K views

The highway mileage (mpg) for a sample of 8 different models of a car company...

Basic Math
1.2K views

A new car worth $21,000 is depreciating in value by $3000 per year. Complete parts...

Statistics
1.2K views

Question A deck of cards contains RED cards numbered 1 2 3 4 5 and...

Statistics
1.2K views

13 Gaming and Gamers Although there have been major debates about the impact of video...

Accounting
1.2K views

Required information E6-17 (Algo) Analyzing Gross Profit Percentage on the Basis of a Multistep Income...

Accounting
1.2K views

Thriftway Corporation reported net income of $1,000,000 in 2024 and had 120,000 shares of common...

Accounting
1.2K views

Other overheard Comparing ABC and Plantwide Overhead Cost Assignments Wellington Chocolate Company uses activity-based costing...

Accounting
1.2K views

Wichita Industries' sales are 20% for cash and 80% on credit. Credit sales are collected...

Accounting
1.2K views

A, B and C have been operating a partnership for several years. According to the...

Accounting
1.2K views

Which of the following items is NOT related to a company's ability to pay off...

Finance
1.2K views

Using the information below, answer questions 1 to 6 . Galt Motors currently produces 500,000...