Question
On January 1, 2018 Roland Networking Solutions started business. On January 1, 2018, it issued stock for cash. Roland's balance sheet at December 31,
On January 1, 2018 Roland Networking Solutions started business. On January 1, 2018, it issued stock for cash. Roland's balance sheet at December 31, 2018, showed the following: (Click the icon to view the stockholders' equity balances.) During 2018, Roland (Click the icon to view the 2018 transactions.) Read the requirement. Data Table Requirement 1. Journalize all of Roland's stockholders' equity transactions during the year. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Issued stock for $13 per share. Date Journal Entry Accounts Debit Credit Common stock, $1 par Additional paid-in capital Retained earnings $ 51,000 614,800 47,000 Treasury stock, 100 shares (700) $ 712,100 Total stockholders' equity b. Purchased 500 shares of treasury stock, paying $7 per share. Date Journal Entry Accounts c. Resold some of the treasury stock. Date Debit Credit Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Requirement Print Done 1. Journalize all of Roland's stockholders' equity transactions during the year. Roland's entry to close net income to Retained Earnings was Revenues Expenses Retained Earnings Print Done 176,000 111,000 65,000 Que
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