Please correct the below journal entries Exercise 11-5 (Part Level Submission) On Jan...
please correct the below journal entries
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Show List of Accounts |
Homework Answers
| Journal entries for 2018 | ||||
| Date | Account Titles | Debit | Credit | |
| Apr.2 | Cash | $98,000.00 | ||
| Common stock - no par | $98,000.00 | |||
| (to record issue of 4900 common shares @ $20 per share) | ||||
| June.15 | Retained Earnings | $29,365.00 | ||
| Dividend payable | $29,365.00 | |||
| (to record cash dividend delared [83900 shares @ $0.35 per share]) | ||||
| July.10 | Dividend payable | $29,365.00 | ||
| Cash | $29,365.00 | |||
| (to record payment of cash dividend) | ||||
| Aug.21 | Retained Earnings | $96,485.00 | ||
| Stock Dividend Distributable | $96,485.00 | |||
| (to record declaration of 5% stock dividend when market rate per share is $21) | ||||
| Sep.20 | Stock Dividend Distributable | $96,485.00 | ||
| Common stock - no par | $96,485.00 | |||
| (to record districbution of stock dividend) | ||||
| Nov.1 | Cash | $67,200.00 | ||
| Common stock - no par | $67,200.00 | |||
| (to record issue of 2800 shares of common stock @ $24 per share) | ||||
| Dec.20 | Retained Earnings | $36,358.00 | ||
| Dividend payable | $36,358.00 | |||
| (to record cash dividend delared @ $0.40 per share [90895 shares x $0.40 per share]) | ||||
Add Answer to:
Please correct the below journal entries Exercise 11-5 (Part Level Submission) On Jan...
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Record the above transactions for 2018, including any entries required to close dividends declared and net...
Record the above transactions for 2018, including any entries
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Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
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part A
part B
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part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
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On January 1, 2018, Richetti Corporation had 72,000 common shares, recorded at $602,000, and retained earnings of $1,047,000. During the year, the following transactions occurred: Apr. 2 Issued 5,100 common shares at $20 per share. June 15 Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10. Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
Problem 11-4A (Part Level Submission) On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited...
Current Attempt in Progress Aloue Corp., a publicly traded company, had 2,800 preferred shares issued with a balance of $58,800 and 127,000 common shares issued with a balance of $635,000 at the beginning of the year. The following share transactions occurred during the year: June Issued 49,500 common shares for $6 per share. 12 July Issued 1,000 preferred shares for $25 per share. 11 Oct. 1 Issued 9,400 common shares in exchange for land. The common shares were trading for...
part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
Problem 11-4A On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.86 million issued Retained earnings $2,860,000...
On January 1, 2018, Accustart Corporation had 72,000 common shares, recorded at $660,000, and retained earnings of $1,050,000. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10. Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading...
Application Problem 11-13A a-b (Part Level Submission) Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders' equity: 1. Southwestern Exposure's articles of incorporation authorize the issuance of 1,000,000 common shares, and the issuance of 235,000 preferred shares, which pay an annual dividend of $2.00 per share. 2. A total of 255,000 common shares were issued for $5 a share. 3. A total of 15,000 preferred shares were issued for $13 per share....
Use the following information to answer question 41 and 42. On January 1, 2018, Tarow Corporation had 80,000 common shares, recorded at $600,000, and retained earnings of $1,000,000. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Aug. 21 Declared a 5% stock dividend to common shareholders of record on...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
On January 1, 2018, Macaron Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.07 million issued Retained earnings $3,070,000 4,150,000 The following selected transactions occurred...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
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