Pro-builders corporation has 1,500,000 shares of $5 par common stock outstanding. on september 2, pro-builders corporation declared a 3% stock dividend to be issued november 30 to stockholders of record on october 3. the market price of the stock was $36 per share on september 2.
journalize the entries required on september 2, october 3, and november 30. if no entry is required, simply skip to the next transaction. refer to the chart of accounts for exact wording of account titles.
chart of accounts
pro-builders 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
journal
accounting equation
date description post. ref. debit credit assets liabilities equity
1
2
3
4
5