Streamline Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,900 of its treasury shares at $27 cash per share. 22 Sold 3,100 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: Jan 01 to: Dec 31 General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. Date Jan 01 Balance 385,000 Date Jan 01 Balance 175,000 Equipment Debit No. Date Credit No. Balance 695,000 Accumulated depreciation - Equipment Date Debit Credit Jan 01 Balance 63,500 Jan 01 Common stock Paid-in capital, Common Debit Credit No. Date Debit Credit No. Balance 500,000 Date Jan 01 Balance 75,000 Jan 01 Retained earnings Income summary No. Date Debit Credit No. Date Debit Credit Balance 410,000 Balance (206,500) Jan 01 Jan 01 Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity to: Dec 31 Dates: Jan 01 STREAMLINE CORPORATION Trial Balance December 31, 2019 Account Title $ Credit Debit 385,000 175,000 695,000 Cash Accounts receivable Equipment Accumulated depreciation - Equipment Common stock Paid-in capital, Common Retained earnings Income summary Total 63,500 500,000 75,000 410,000 206,500 1,255,000 1,255,000 $ Journal entry worksheet Purchased 5,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jan 02 Record entry Clear entry View general journal Journal entry worksheet Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Note: Enter debits before credits. Date Account Title Debit Credit Jan 05 Record entry Clear entry View general journal Journal entry worksheet Sold 1,900 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jul 06 Record entry Clear entry View general journal Journal entry worksheet
