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question olde wine corporation has 242 000 shares of 30 par common stock outstanding 4293465

Question

Olde Wine Corporation has 242,000 shares of $30 par common stock outstanding. On February 15, Olde Wine Corporation declared a 2% stock dividend to be issued May 2 to stockholders of record on March 27. The market price of the stock was $55 per share on February 15.

Journalize the entries required on February 15, March 27, and May 2. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Journalize the entries required on February 15, March 27, and May 2. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

1

2

3

4

5

CHART OF ACCOUNTS

Olde Wine Corporation

General Ledger

 

ASSETS

110

Cash

120

Accounts Receivable

131

Notes Receivable

132

Interest Receivable

141

Merchandise Inventory

145

Office Supplies

151

Prepaid Insurance

181

Land

193

Equipment

194

Accumulated Depreciation-Equipment

 

 

LIABILITIES

210

Accounts Payable

221

Notes Payable

226

Interest Payable

231

Cash Dividends Payable

236

Stock Dividends Distributable

241

Salaries Payable

261

Mortgage Note Payable

 

 

EQUITY

311

Common Stock

312

Paid-In Capital in Excess of Par-Common Stock

315

Treasury Stock

321

Preferred Stock

322

Paid-In Capital in Excess of Par-Preferred Stock

331

Paid-In Capital from Sale of Treasury Stock

340

Retained Earnings

351

Cash Dividends

352

Stock Dividends

390

Income Summary

 

REVENUE

410

Sales

610

Interest Revenue

 

 

EXPENSES

510

Cost of Merchandise Sold

515

Credit Card Expense

520

Salaries Expense

531

Advertising Expense

532

Delivery Expense

533

Selling Expenses

534

Rent Expense

535

Insurance Expense

536

Office Supplies Expense

537

Organizational Expenses

562

Depreciation Expense-Equipment

590

Miscellaneous Expense

710

Interest Expense

   

 

 

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