ACC 557 Week 7 Homework Problems – Strayer

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Chapter 11

Exercise 11-7

	Your answer is correct.

Fallow Co. had the following transactions during the current period.

Mar. 2		Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $38,000 for services provided in helping the company to incorporate.
June 12		Issued 60,000 shares of $1 par value common stock for cash of $475,000.
July 11		Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28		Purchased 2,000 shares of treasury stock for $18,000.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 11-13

	Your answer is correct.

On January 1, Chevon Corporation had 98,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred.

Apr. 1		Issued 25,000 additional shares of common stock for $17 per share.
June 15		Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10		Paid the $1 cash dividend.
Dec. 1		Issued 2,000 additional shares of common stock for $19 per share.
15		Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

Prepare the entries, if any, on each of the three dividend dates. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)