GL1101 (Algo) Based on Problem 11-2A LO C3, P2, P3 Quality First Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. $ 400,000 60,000 330,000 $ 790,000 January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $370,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Trial Balance Ledger Statement of Stockholders RE Equity Impact on Equity General Journal tab- Journalize the transactions related to the notes and accounts payable of Quality First Corporation. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. General Ledger tab- One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab- General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. 4