Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please please please help! i always rate! GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Fields Company reports the following components of
please please please help! i always rate!
GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Fields Company reports the following components of stockholders' equlty on January 1, Common stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts $ 600,000 90,000 500.000 $ 1,190,000 January 2 Purchased 6,000 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 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $27 cash per share. August 22 Sold 3,000 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 $139,000 credit balance (from net income) in the Income Summary account to Retained Earnings. View transaction list Journal entry worksheet Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Note: Enter debits before credits. Date Account Title Debit Credit January 05 Record entry Clear entry View general Journal Sold 3,000 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date July 06 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 > 3 4 6 7 8 Sold 3,000 of its treasury shares at $19 cash per share. Note: Enter debits before credits. Debit Credit Date Account Title August 22 Record entry Clear entry View general Journal Poquirement Canarelladar Journal entry worksheet Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Note: Enter debits before credits. Date Account Title Debit Credit September 05 Record entry Clear entry View general journal Journal entry worksheet 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