Question
At September 30, the end of Beijing Companys third quarter, the following stockholders equity accounts are reported. Common stock, $10 par value $ 420,000 Paid-in
At September 30, the end of Beijing Companys third quarter, the following stockholders equity accounts are reported. Common stock, $10 par value $ 420,000 Paid-in capital in excess of par value, common stock 110,000 Retained earnings 400,000 In the fourth quarter, the following entries related to its equity are recorded: Date General Journal Debit Credit Oct. 2 Retained Earnings 50,000 Common Dividend Payable 50,000 Oct. 25 Common Dividend Payable 50,000 Cash 50,000 Oct. 31 Retained Earnings 83,000 Common Stock Dividend Distributable 40,000 Paid-In Capital in Excess of Par Value, Common Stock 43,000 Nov. 5 Common Stock Dividend Distributable 40,000 Common Stock, $10 Par Value 40,000 Dec. 1 MemoChange the title of the common stock account to reflect the new par value of $4. Dec. 31 Income Summary 290,000 Retained Earnings 290,000
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