Please do the General journal, Statement Of RE, Stockholders Equity, and the Impact on Equity!

GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Quality First Company reports the following components of stockholders' equity on January 1 Common stock-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,00 60,000 330.000 $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at 523 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 2,000 of its treasury shares at $27 cash per share August 22 Sold 2,000 of its treasury shares at $19 cash per shere. 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 $370,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal General Ledger Statement of Stockholders RE Equity Impact on Equity Trial Balance Requirement General Journal tab - Journalize the transactions related to the notes and accounts payable of Quality First 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. menamation of trial balances. A trial balance lists each alitotal $ 400,000 60,000 330,000 $ 790,000 ary 5 stockholders of record. ber 25 stockholders of record. to retained Earnings. ty First Corporation. matically. To see the in time, click on the Balance lists each Falways equal total ement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity the year, the following transactions affected its stockholders' equity accounts. Prepare the nec entry is required, select "No journal entry required" in the first input box. Tansaction list View journal entry worksheet Date Debit January 02 Account Title Treasury stock, Common Cash 92,000 January 05 Retained earnings Common dividend payable 72,000 February 28 Common dividend payable Cash 72,000 July 06 Cash Treasury stock, Common Paid-in capital, Treasury stock August 22 Cash Paid-in capital, Treasury stock September 05 Retained earnings Common dividend payable 80,000 ---- 11.1 ANA Prey 1 of 1 January 2 Purchased 4,000 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 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 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 October 28 Paid the dividend declared on September 5. December 31 Closed the $370,000 credit balance (from net income) in the Income Summary a Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact Equit Prepare the Statement of Retained Earnings for Quality First Corporation for the year ended D ho QUALITY FIRST CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings Add: Net income 330,000 Less: Cash dividends declared Ending retained earnings 330,000 152,000 178,000 $ During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,eee 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 ste February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. eptember 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 October 28 Paid the dividend declared on September 5. Ecember 31 Closed the $370,000 credit balance (from net income) in the Income Summary account to Reta Requirement General Journal General Ledger Trial Balance Statement of stockholders RE Equity Impact on Equity Prepare the stockholders' equity section of Quality First Corporation's balance sheet as of December 31. Dates: January 01 to: QUALITY FIRST CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 al contributed capital I stockholders' equity $ Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reporte balance sheet. Dates: January 01 to: Jal Impact on equity I Total Stockholders' Equity - January 1 January 2) Purchased 4,000 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 2,000 of its treasury shares at $27 cash per share August 22) Sold 2,000 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 S370,000 credit balance (from net income) in the Income Summary account to Retained Earnings