Requirement 1. Record the transactions in Summerborn's general journal. (Record debits first, then credits. Explanations are not required. For memorandum entries, only enter the description and leave the amount cells blank.) Jan 16: Declared a cash dividend on the 55%, $ 100 par preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.

Journal Entry
Date		Accounts	Debit	Credit
Jan	16

Jan	16	Declared a cash dividend on the 55%, $ 100 par preferred stock (900 sharesoutstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.
Feb	15	Paid the cash dividends.
Jun	10	Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding.
Jul	30	Distributed a 50 % stock dividend on the common stock. The market value of the common stock was $ 9 per share.
Oct	26	Purchased 1,000 shares of treasury stock at $ 13 per share.
Nov	8	Sold 500 shares of treasury stock for $ 15 per share.
Nov	30	Sold 300 shares of treasury stock for $ 8 per share.