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Journal entries
Dare | Account tittles and explanation | Debit | Credit |
March 1 |
Treasury Stock a/c {5500*$8} |
$44000 | |
To Cash a/c | $44000 | ||
June 1 |
Cash a/c {1500*$13} |
$19500 | |
To Treasury stock a/c {1500*$8} |
$12000 | ||
To Paid-in-capital treasury stock a/c | $7500 | ||
September 1 |
Cash a/c {2000*$11} |
$22000 | |
To treasury stock a/c {2000*$8} |
$16000 | ||
To Paid-in-capital treasury stock a/c | $6000 | ||
December 1 |
Cash a/c {1500*$6} |
$9000 | |
Paid-in-capital treasury stock a/c | $3000 | ||
To treasury stock a/c {1500*$8} |
$12000 | ||
December 31 | Income summary a/c | $25000 | |
To Retained earnings | $25000 |
Paid-in-capital Treasury Stock:
Particulars | Amount($) | Particulars | Amount($) |
December 1 | 3000 | June 1 | 7500 |
September 1 | 6000 | ||
December 31 [Bal.fig] |
10500 | ||
13500 | 13500 |
Treasury stock
Particulars | Amount($) | Particulars | Amount($) |
March 1 | 44000 | June 1 | 12000 |
September 1 | 16000 | ||
December 1 | 12000 | ||
Closing balance | 4000 | ||
44000 | 44000 |
Retained earnings
Particulars | Amount($) |
Beginning balance | 120000 |
Add: Net income | 25000 |
Ending balance | 145000 |
Culver Corporation
Balance Sheet (Partial)
December 31,2020
Particulars | Amount($) | Amount($) |
Stockholders equity | ||
Common stock | 550000 | |
Paid - in capital in excess of par- Common stock | 195000 | |
Paid - in capital from treasury stock | 10500 | |
Total contributed Capital | 755500 | |
Retained earnings | 120000 | |
Add: Net income of 2020 | 25000 | 145000 |
Less:Treasury stock | (4000) | |
Total Stockholders equity | 896500 |
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DO VOTE, ALL THE BEST
HAPPY CHEGGING
Culver Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par)...
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