On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 brokerage commission. This was less than 20% ownership in the stock of M Company. On October 4, a $.60-per-share dividend was received on the M Company stock. When recording the journal entry for the receipt of the dividend, what account would be debited and for what amount? Journal DATE DESCRIPTION PREF DEBIT CREDIT Oct. 4 (?) (?) Debit Dividend Revenue, $36,000 Debit Cash, $36,000 Debit Dividend Revenue, $900 Debit Cash, $900

On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 brokerage commission. This was less than 20% ownership in the stock of M Company. On October 4, a $.60-per-share dividend was received on the M Company stock. When recording the journal entry for the receipt of the dividend, what account would be debited and for what amount? Journal DATE DESCRIPTION PREF DEBIT CREDIT Oct. 4 (?) (?) Debit Dividend Revenue, $36,000 Debit Cash, $36,000 Debit Dividend Revenue, $900 Debit Cash, $900

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
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On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following transactions occurred during the year. April 15: Declared a cash dividend of $0.80 per share to stockholders of record on May 31. July 10: Paid the $0.80 cash dividend. A Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Apr. 15 Cash Dividends Dividends Payable (To record declaration of cash dividend) Debit Date Account Title Credit B. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.)
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Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
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