Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I only need the journal entries. Thanks! Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares

image text in transcribed
image text in transcribed
I only need the journal entries. Thanks!
Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Tecord. 28 Paid the dividend declared on September 5. 31 closed the 5497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. View transaction list View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date Jan 02

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

The Cost Of Quality Audit

Authors: W. Jeffrey Howard

1st Edition

1902433629, 978-1902433622

More Books

Students also viewed these Accounting questions

Question

understand the meaning of the terms discipline and grievance

Answered: 1 week ago