Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If the company had the following transaction and information during the year 1. Show the double jounal enteries as Debit and credit separately for all
If the company had the following transaction and information during the year 1. Show the double jounal enteries as Debit and credit separately for all below 7 statements and fill them in the given table.
1. The Company issued 100 shares for $5 for each (par value $3).
2. The Company declared the dividend, which was $28.
3. The Company increased one of his property value from $300 to $324.
4. The Company purchased inventory on credit $70
5. The Company paid back the long term loan: $120
6. The Company purchased treasury shares: $18
7. The Company had a net loss ($291)
Question: What would be the closing balance for the table?
please ignore the opening balance values!!
Share Capital Share Premium Total Retained Earnings Revaluation Surplus Treasury Shares Opening Balance Total Comprehensive Income Declared Dividend Share issued Purchase Treasury Shares Closing Balance Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started