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General Accounting Discussions: College Student Needs Help Again

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    • CommentAuthorxxxmikexxx
    • CommentTimeFeb 3rd 2010 edited
     
    The stockholders' equity of the Reston Corporation consists solely of 10,000 shares outstanding (out of 20,000 authorized) of $50 par value common stock which were issued at par, and retained earnings of $380,000.

    Required:
    Prepare journal entries, with dates, for the following transactions:

    The board of directors of the company declared a cash dividend of $7 per share on May 31, payable June 30 to shareholders of record as of June 15.

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