Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings $ 420,000 110,000 340,000 In the fourth quarter, the

image text in transcribed
Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings $ 420,000 110,000 340,000 In the fourth quarter, the following entries related to its equity are recorded. Date October 2 Credit Debit 70,000 70,000 October 25 70,000 70,000 October 31 63,000 General Journal Retained Earningo 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, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings 30,000 33,000 November 5 30,000 30,000 December 1 December 31 260,000 260,000 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 $ $ $ 110,000 340,000 870,000 $ 0 0 $ $ 0 $ 0 $ 0 0$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle

9th Edition

007337945X, 978-0073379456

More Books

Students also viewed these Accounting questions

Question

Demonstrate through language that you are grateful to be informed.

Answered: 1 week ago

Question

Always mention the specifi c problem the customer faced.

Answered: 1 week ago