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Home / Questions / Mercer Corporation has 200,000 shares of $10 stated value no-par common stock authorized,

Mercer Corporation has 200,000 shares of $10 stated value no-par common stock authorized,

Mercer Corporation has 200,000 shares of $10 stated value no-par common stock authorized, and 160,000 shares were outstanding during 20x7. The following transactions relate to cash dividends of Mercer Corporation for the year ended December 31, 20x7. 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, 20x8.

 

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 20x7. The following transactions relate to cash dividends of Sylmar Corporation for the year ended December 31, 20x7. 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, 20x8.

 

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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