Question : 204.Mercer Corporation has 200,000 shares of $10 stated value no-par : 1244183

 

204.Mercer Corporation has 200,000 shares of $10 stated value no-par common stock authorized, and 160,000 shares were outstanding during 20×7. The following transactions relate to cash dividends of Mercer Corporation for the year ended December 31, 20×7. Prepare entries in journal form without explanations to record the following transactions:

 

June

1

 

Declared a semiannual cash dividend of $0.50 per common share.

 

15

 

Compiled the list of individual shareholders eligible for the dividend declared on June 1.

July

5

 

Paid the dividend declared on June 1.

Dec.

1

 

Declared a semiannual cash dividend of $0.50 per common share to be paid on January 5, 20×8.

 

15

 

Compiled the list of individual shareholders eligible for the dividend declared on December 1.

 

31

 

Closed the Dividends account at year end.

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

205.Sylmar Corporation has 30,000 shares of $100 stated value no-par common stock authorized, and 20,000 shares were outstanding during 20×7. The following transactions relate to cash dividends of Sylmar Corporation for the year ended December 31, 20×7. Prepare entries in journal form without explanations to record the following transactions:

 

June

1

 

Declared a semiannual cash dividend of $0.70 per common share.

 

15

 

Compiled the list of individual shareholders eligible for the dividend declared on June 1.

July

5

 

Paid the dividend declared on June 1.

Dec.

1

 

Declared a semiannual cash dividend of $0.70 per common share to be paid on January 5, 20×8.

 

15

 

Compiled the list of individual shareholders eligible for the dividend declared on December 1.

 

31

 

Closed the Dividends account at year end.

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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