Homework Help is Here – Start Your Trial Now!
Business
Accounting
July 1. Declared a 4% stock dividend on common stock, to be capitalized a market price of the stock, which is $36 a share. Aug. 11. Issued the certificates for the dividend declared on July 1. Oct. 20. Purchased 7,500 shares of treasury stock for $255,000. Dec. 27. Declared a $0.75-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $269,400. 31. Closed the two dividends accounts to Retained Eanings. at the Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale oi Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends 2. Joumalize the entries to record the transactions, and post to the eight seleg

July 1. Declared a 4% stock dividend on common stock, to be capitalized a market price of the stock, which is $36 a share. Aug. 11. Issued the certificates for the dividend declared on July 1. Oct. 20. Purchased 7,500 shares of treasury stock for $255,000. Dec. 27. Declared a $0.75-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $269,400. 31. Closed the two dividends accounts to Retained Eanings. at the Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale oi Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends 2. Joumalize the entries to record the transactions, and post to the eight seleg

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 4PB: Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation...
See similar textbooks
icon
Related questions
Question
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred during the 4 Total stockholders' quity, $2,859,825 year: Jan. 28. Paid cash dividends of $0.80 per share on the common stock. The divi- dend had been properly recorded when declared on December 30 of the preceding fiscal year for $56,000. Mar. 21. Issued 15,000 shares of common stock for $480,000. May 10. Sold all of the treasury stock for $165,000. market price of the stock, which is $36 a share. Aug. 11. Issued the certificates for the dividend declared on July 1. Oct. 20. Purchased 7,500 shares of treasury stock for $255,000. Dec. 27. Declared a $0.75-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions accounts.
Transcribed Image Text:31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred during the 4 Total stockholders' quity, $2,859,825 year: Jan. 28. Paid cash dividends of $0.80 per share on the common stock. The divi- dend had been properly recorded when declared on December 30 of the preceding fiscal year for $56,000. Mar. 21. Issued 15,000 shares of common stock for $480,000. May 10. Sold all of the treasury stock for $165,000. market price of the stock, which is $36 a share. Aug. 11. Issued the certificates for the dividend declared on July 1. Oct. 20. Purchased 7,500 shares of treasury stock for $255,000. Dec. 27. Declared a $0.75-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions accounts.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS