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At September 30, the end of Beijing Companys third quarter, the following stockholders equity accounts are reported. Common stock, $14 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, $14 par value | $ 420,000 |
---|---|
Paid-in capital in excess of par value, common stock | 120,000 |
Retained earnings | 400,000 |
In the fourth quarter, the following entries related to its equity are recorded.
Date | General Journal | Debit | Credit |
---|---|---|---|
October 2 | Retained Earnings | 60,000 | |
Common Dividend Payable | 60,000 | ||
October 25 | Common Dividend Payable | 60,000 | |
Cash | 60,000 | ||
October 31 | Retained Earnings | 83,000 | |
Common Stock Dividend Distributable | 40,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 43,000 | ||
November 5 | Common Stock Dividend Distributable | 40,000 | |
Common Stock, $14 Par Value | 40,000 | ||
December 1 | MemoChange the title of the common stock | ||
account to reflect the new par value of $4. | |||
December 31 | Income Summary | 220,000 | |
Retained Earnings | 220,000 |
Required: 2. Complete the following table showing the equity account balances at each indicated date.
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $14 par value Paid-in capital in excess of par value, common stock Retained earnings $ 420,000 120,000 400,000 In the fourth quarter, the following entries related to its equity are recorded. Date October 2 Debit 60,000 Credit 60,000 October 25 60,000 60,000 October 31 83,000 General Journal Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $14 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings 40,000 43,000 November 5 40,000 40,000 December 1 December 31 220,000 220,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. October 2 October 25 October 31 November 5 December 1 December 31 September 30 Beginning Balance $ 420,000 Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity $ 120,000 $ 400,000 940,000 $ $ 0 $ 0 $ 0 $ 0 $ 0 $ 0Step by Step Solution
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