Journalize the Following Selected Transactions Completed During the Current Fiscal

question 55

Essay

Journalize the following selected transactions completed during the current fiscal year:
Jan. 3 The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 400,000.
22 Declared a dividend of $1.75 per share on the outstanding shares of common stock.
Feb. 8 Paid the dividend declared on January 22.
Sept. 1 Declared a 5% stock dividend on the common stock outstanding the fair market value of the stock to be issued is $30).
Oct. 1 Issued the certificates for the common stock dividend declared on September 1.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which must be paid back in the future.

Assets

Resources owned or controlled by a business or individual, expected to produce positive economic value or benefits in the future.

Balance Sheet

A financial document that provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time.

Reports Center

A feature or section within business or accounting software that aggregates and displays various reports, analytics, and insights to aid in decision-making.