Bennett Corporation is authorized to issue 1,000,000 shares of $1 par value common stock in 2012. Beginning in that year, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share.
Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2013.
Jan. 3 Paid the dividend
April 2 Sold 10,000 of the treasury stock shares for $9 per share
April 15 Sold 5,000 of the treasury stock shares for $7 per share
July 1 Issued 20,000 shares of common stock for $8.50 per share
Sept. 1 Purchased 4,000 shares issued on July 1 for the treasury at $15 per share
Record each of the transactions for Bennett Corporation in a journal. Be sure to use proper journal format. (a blank journal is available in Doc Sharing). Each column must be clear of any information from another column. The debited account always comes first in the entry. The credited account name is always indented from the left margin. Every entry must include an explanation. Every entry must balance the debits and credits. No information other than the account name and possibly a subsidiary account name belongs on the line with the account name.
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