Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2018, Accustart Corporation had 87,000common shares, recorded at $625,000, and retained earnings of $1,032,000. During the year, the following transactions occurred: Apr.

On January 1, 2018, Accustart Corporation had 87,000common shares, recorded at $625,000, and retained earnings of $1,032,000. During the year, the following transactions occurred:

Apr. 2 Issued 5,000 common shares at $20 per share.
June 15 Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10.
Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20.
Nov. 1 Issued 3,100 common shares at $25 per share.
Dec. 20 Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10.

Record the above transactions for 2018. (Note:Closing entries are not required.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2June 15July 10Aug. 21Sept. 20Nov. 1Dec. 20

enter an account title

enter a debit amount

enter a credit amount

enter an account title enter a debit amount enter a credit amount

List of Accounts

What is the number of common shares at the end of the year?

Number of common shares enter a Number of common shares

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 Auditory Culture Reader

Authors: Michael Bull, Les Back

2nd Edition

1472569024, 978-1472569028

More Books

Students also viewed these Accounting questions

Question

a. When did your ancestors come to the United States?

Answered: 1 week ago

Question

d. What language(s) did they speak?

Answered: 1 week ago

Question

e. What difficulties did they encounter?

Answered: 1 week ago