3 3. At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $10 par value$ 300,000Paid-in capital in excess of par value, common stock110,000Retained earnings320,000In the fourth quarter, the following entries related to its equity are recorded. DateGeneral JournalDebitCreditOctober 2Retained Earnings70,000 Common Dividend Payable 70,000October 25Common Dividend Payable70,000 Cash 70,000October 31Retained Earnings71,000 Common Stock Dividend Distributable 34,000 Paid-In Capital in Excess of Par Value, Common Stock 37,000November 5Common Stock Dividend Distributable34,000 Common Stock, $10 Par Value 34,000December 1Memo—Change the title of the common stock account to reflect the new par value of $4. December 31Income Summary300,000 Retained Earnings 300,000 Required:2. Complete the following table showing the equity account balances at each indicated date.

Stockholder's Equity - Stockholder's Equity is the section of the balance sheet that includes Common…

Answered: 3 3. At September 30, the end of…

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 27BE: Retained Earnings Statement Listed below are events that affect stockholders equity. Reported net...

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Question

At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.

Common stock, $10 par value	$ 300,000
Paid-in capital in excess of par value, common stock	110,000
Retained earnings	320,000

In the fourth quarter, the following entries related to its equity are recorded.

Date	General Journal	Debit	Credit
October 2	Retained Earnings	70,000
	Common Dividend Payable		70,000
October 25	Common Dividend Payable	70,000
	Cash		70,000
October 31	Retained Earnings	71,000
	Common Stock Dividend Distributable		34,000
	Paid-In Capital in Excess of Par Value, Common Stock		37,000
November 5	Common Stock Dividend Distributable	34,000
	Common Stock, $10 Par Value		34,000
December 1	Memo—Change the title of the common stock
	account to reflect the new par value of $4.
December 31	Income Summary	300,000
	Retained Earnings		300,000