Accounting HW3

HW 3

#1

Buttercup Corporation issued 310 shares of $9 par value common stock for $4,185. Prepare Buttercup’ journal entry.
(List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Description/Account

Debit

Credit

#2

Swarten Corporation issued 680 shares of no-par common stock for $8,580. Prepare Swarten’s journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $3 per share.
(List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

(a)

Description/Account

Debit

Credit

(b)

Description/Account

Debit

Credit

#3

Hinges Corporation issued 522 shares of $105 par value preferred stock for $71,350. Prepare Hinges’s journal entry.
(List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Description/Account

Debit

Credit

#4

Woolford Inc. declared a cash dividend of $1.29 per share on its 2.14 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates.
(If no entry is required, enter No Entry as the Description and 0 as the amount.)

Date

Description/Account

Debit

Credit

Aug. 1

Aug. 15

Sep. 9