GL1301 (Algo) - Based on Problem 13-2A LO C3, P2, P3 OnPoint Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. 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 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 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 $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity General Journal tab - Journalize the transactions related to the notes and accounts payable of On Point 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. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the On Point Corporation for the year ended December 31. Stockholders' Equity tab - Prepare the Stockholders' equity section of On Point Corporation's December 31 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. Requirement General Journal Journal entry worksheet Purchased 5,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date January 02 Record entry Clear entry View general journal Journal entry worksheet Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Note: Enter debits before credits. Account Title Debit Credit Date January 05 Record entry Clear entry View general journal Journal entry worksheet Paid the dividend declared on January 5. Note: Enter debits before credits. Account Title Debit Credit Date February 28 Record entry Clear entry View general journal Journal entry worksheet Sold 2,500 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date July 06 Record entry Clear entry View general journal Journal entry worksheet Sold 2,500 of its treasury shares at $19 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date August 22 Record entry Clear entry View general journal Journal entry worksheet Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Note: Enter debits before credits. Account Title Debit Credit Date September 05 Record entry Clear entry View general journal Journal entry worksheet Paid the dividend declared on September 5. Note: Enter debits before credits. Account Title Debit Credit Date October 28 Record entry Clear entry View general journal Journal entry worksheet Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Account Title Debit Credit Date December 31 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity Dates: January 01 to: January 01 General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit Credit Balance 170,000 January 01 360,000 January 01 Accumulated depreciation - Equipment Equipment Debit No Date Credit Balance No. Date Debit Credit Balance 61,000 January 01 670,000 January 01 Common stock Paid-in capital, Common No. Debit Credit No. Date Debit Credit Date January 01 Balance 500,000 Balance 75,000 January 01 Retained earnings Income summary No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 410,000 January 01 (154,000) Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: January 01 to: January 01 ONPOINT CORPORATION Trial Balance January 01, 2021 Account Title Debit Credit Cash S 360,000 Accounts receivable 170.000 670,000 61,000 Equipment Accumulated depreciation - Equipment Common stock Paid-in capital, Common Retained earnings Income summary 500,000 75,000 410,000 154,000 Total S 1,200,000 $ 1,200,000 Requirement General Journal General Ledger Trial Balance Statement of Stockholders Equity RE Impact on Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: January 01 to: January 01 Impact on equity Total Stockholders' Equity - January 1 January 2) Purchased 5,000 shares of its own stock at $23 cash per share. January 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. February 28) Paid the dividend declared on January 5. July 6) Sold 2,500 of its treasury shares at $27 cash per share. August 22) Sold 2,500 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 $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings.