A company has the following transactions during the year related to stockholders’ equity. February 1 Issues 5,000 shares of no-par common stock for $15 per share.
May 15 Issues 500 shares of $10 par value, 7.5% preferred stock for $12 per share.
October 1 Declares a cash dividend of $0.75 per share to all stockholders of record (both common and preferred) on October 15.
October 15 Date of record.
October 31 Pays the cash dividend declared on October 1.
Required:
Record each of these transactions.( omit account numbers and descriptions)
Date Discription Debit Credit

Journal entries are given below

Explanation:

February 1

(Issues 5,000 shares of no-par common stock for $15 per share)

                                          DEBIT       CREDIT

Cash(5000 x $15)            $75,000

Common stock                                    $75,000

May 15

(Issues 500 shares of $10 par value, 7.5% preferred stock for $12 per share)

                                             DEBIT       CREDIT

Cash (500x$12)                   $6,000

Preferred stock (500x$10)                    $5,000

Additional paid in capital                       $1,000    

October 1

Declares a cash dividend of $0.75 per share    

                                                             DEBIT       CREDIT

Retained Earnings (5500x$0.75)       $4,125

Dividend Payable                                                  $4,125

October 15 Date of Record

No Entry Required

October 31 Pays the cash dividend

                                           DEBIT       CREDIT

Dividend Payable              $4,125

Cash                                                   $4,125

answer///supply is elastic, and demand is inelastic;

since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.