Glencoe Accounting

Chapter 21: Accounting for Publicly Held Corporations

Homework Practice

Journalizing Stock and Dividend Transactions

Instructions

The Townsend Corporation was organized on November 1 of the current year. Download the general journal form by clicking on Accounting Forms from the Student Center. Prepare entries for the following transactions.

Nov.

1

Sold 1,000 shares of preferred stock for $125 per share.

 

12

Sold 2,000 shares of common stock at $50 per share.

Dec.

9

Declared a $.50 dividend on the 1,000 shares of preferred stock.

 

15

Declared a $.35 dividend on the 2,000 shares of common stock.

   
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