ACC 226 Q13-2Check Point: Stock Issuances, Dividends, and Splits

ACC 226 Q13-2Check Point: Stock Issuances, Dividends, and Splits

QS 13-2 Prepare the journal entry to record each separate transaction.

Check Point: Stock Issuances, Dividends, and Splits

Complete Quick Study questions

QS 13-2 Prepare the journal entry to record each separate transaction.

(a) On March 1, DVD Co. issues 44,500 shares of $4 par value common stock for $255,000 cash.

(b) On April 1, GT Co. issues no-par value common stock for $50,000 cash.

(c) On April 6, MTV issues 2,000 shares of $20 par value common stock for $35,000 of inventory, $135,000 of machinery, and acceptance of a $84,000 note payable.