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Bennett Corporation is authorized to issue 1,000,000 shares of $1 par value common stock in 2012. Beginning in that year, the company has the following stock transactions.

Jan. 15 Issued 500,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share.
Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2013.
Jan. 3 Paid the dividend
April 2 Sold 10,000 of the treasury stock shares for $9 per share
April 15 Sold 5,000 of the treasury stock shares for $7 per share
July 1 Issued 20,000 shares of common stock for $8.50 per share

Sept. 1 Purchased 4,000 shares issued on July 1 for the treasury at $15 per share

Record each of the transactions for Bennett Corporation in a journal. Be sure to use proper journal format.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942100

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