Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

zoom out please Required: 2. Complete the following table showing the equity account balances at each indicated date. Dec. 1 Dec. 31 Common stock +

zoom out please
image text in transcribed
image text in transcribed
Required: 2. Complete the following table showing the equity account balances at each indicated date. Dec. 1 Dec. 31 Common stock + Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity Sep. 30 Beg. Bal. Oct. 2 Oct. 25 Oct. 31 Nov. 5 $ 420,000 $ 420,000 $ 420,000 $ 420,000 0 0 $ 110,000 110,000 110,000 $ 320,000 $ 850,000 $ 530,000 $ 530,000 $ 420,000 $ 015 0 $ At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings $420,000 110,000 320,000 In the fourth quarter, the following entries related to its equity are recorded. Date Oct. 2 Debit 60,000 General Journal Retained Earnings Common Dividend Payable Common Dividend Payable Cash Credit 60,000 Oct. 25 60,000 60,000 Oct. 31 87,000 42,000 45,000 Nov. 5 Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. 42,000 42.000 Dec. 1 Dec. 31 200,000 Income Summary Retained Earnings 200,000

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

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions