The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are date of declaration, date of record, and date of payment. Make the appropriate journal entry for each of the three dates.
A corporation purchased for cash 5,000 shares of its own $10 par common stock at $35 a share. In the following year, it sold 2,000 of the treasury shares for cash.
a) Journalize the entries to record the purchase( treasury cost is recorded at cost)
b) Journalize the entries to record the sale of stock.
On April 1, 10,000 shares of $5 par common stock were issued at $25. Journalize the entries for April 1.
