Accounting question. Please help!

Mar 3rd, 2015
SoccerBoss
Category:
Accounting
Price: $5 USD

Question description

On January 1, 2014, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:   

Mar.  1    Issued 25,000 shares of common stock for $550,000.    

June  1    Declared a cash dividend of $2.00 per share to stockholders of record on June 5.    

June  30    Paid the $2.00 cash dividend.  

Dec.  1    Purchased 5,000 shares of common stock for the treasury for $22 per share.    

Dec.  15    Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.  

 

Prepare the appropriate journal entries for the transactions of Magnus Corporation detailed above. Omit Explanations. Please skip a line between each entry.

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: University of Virginia
PREMIUM TUTOR

Studypool has helped 1,244,100 students

Summary
Quality
Communication
On Time
Value
tinytim47
Mar 21st, 2017
" Wow this is really good.... didn't expect it. Sweet!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors