company declared an $0.80 per share cash dividend. The dividend will be paid on March...
60.1K
Verified Solution
Link Copied!
Question
Accounting
company declared an $0.80 per share cash dividend. The dividend will be paid on March JU. Axel has 100.000 shares authorized 45,000 shares issued, and 3,000 shares of treasur entry to record the dividend declaration on March 4 will include a: A) credit to Dividends for $36,000. B) credit to Cash for $33,600. C) debit to Dividends for $33,600. D) debit to Retained Earnings for $36,000. E) credit to Dividends for $33,600. 35) Treasury stock is a(n): A) asset account. B) contra-asset account. C) contra-equity account. D) stockholders' equity account. E) liability account Use the following information to answer questions 36 and 37. JC Corporation had 20,000 shares of $3 par value common stock outstanding on January 1. On January 20, the company purchased 2,000 of the outstanding shares for $16 per share. On July 3, the company reissued 1,000 of the shares at $20 per share. JC uses the cost method to account for its treasury stock. 36) What is the journal entry to record the purchase of the stock on January 202 A) Cash 6,000 Treasury Stock 6,000 Treasury Stock Additional Paid-in Capital Cash 6,000 26,000 32,000 32,000 Treasury Stock Cash 32,000 32,000 Treasury Stock Common Stock 32,000 32,000 Common Stock Cash 32,000
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!
