Journalize the Following Selected Transactions Completed During the Current Fiscal $\$ 100$

question 171

Essay

Journalize the following selected transactions completed during the current fiscal year: Mar. 4 The board of directors of New Town, Inc. declared a stock split that reduced the par of common shares from $\$ 100$ to $\$ 20$ . This action increased the number of outstanding shares to 500,000 .
26 Declared a dividend of $\$ 1.75$ per share on the outstanding shares of common stock.
Apr. 5 Paid the dividend declared on March 26.
Nov. 1 Declared a $5 \%$ stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $\$ 25$ ).
Dec. 1 Issued the certificates for the common stock dividend declared on November 1.

---

Definitions:

Excise Tax

A tax imposed on the sale or use of specific products or services, often included in the price of the item.

Manufacturing Firm

A company that uses raw materials, parts, and components to assemble finished goods.

Work in Process

Work in process is an accounting term referring to partially finished goods that are still in the production process.

Inventory

The total amount of goods and materials held by a business for the purpose of resale, production, or utilization.