The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2022: The company completed
Question:
The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2022:
The company completed these transactions during 2023:
Required
1. Prepare general journal entries to record the transactions and closings for 2023.
2. Prepare the statement of changes in equity for the year ended December 31, 2023.
$ -0- Preferred shares, $2 non-cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 100,000 shares issued and outstanding 640,000 Retained earnings 864,000
Step by Step Answer:
Part 1 Journal entries Jan 10 Cash 15 Share Dividends or Retained Earnings Common Share Dividend Dis...View the full answer
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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