3 3. At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $10 par value $ 300,000 Paid-in capital in excess of par value, common stock 110,000 Retained earnings 320,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit October 2 Retained Earnings 70,000 Common Dividend Payable 70,000 October 25 Common Dividend Payable 70,000 Cash 70,000 October 31 Retained Earnings 71,000 Common Stock Dividend Distributable 34,000 Paid-In Capital in Excess of Par Value, Common Stock 37,000 November 5 Common Stock Dividend Distributable 34,000 Common Stock, $10 Par Value 34,000 December 1 Memo—Change the title of the common stock account to reflect the new par value of $4. December 31 Income Summary 300,000 Retained Earnings 300,000 Required: 2. Complete the following table showing the equity account balances at each indicated date.
3 3. At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $10 par value $ 300,000 Paid-in capital in excess of par value, common stock 110,000 Retained earnings 320,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit October 2 Retained Earnings 70,000 Common Dividend Payable 70,000 October 25 Common Dividend Payable 70,000 Cash 70,000 October 31 Retained Earnings 71,000 Common Stock Dividend Distributable 34,000 Paid-In Capital in Excess of Par Value, Common Stock 37,000 November 5 Common Stock Dividend Distributable 34,000 Common Stock, $10 Par Value 34,000 December 1 Memo—Change the title of the common stock account to reflect the new par value of $4. December 31 Income Summary 300,000 Retained Earnings 300,000 Required: 2. Complete the following table showing the equity account balances at each indicated date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
3
3.
At September 30, the end of Beijing Company’s third quarter, the following
| Common stock, $10 par value | $ 300,000 |
|---|---|
| Paid-in capital in excess of par value, common stock | 110,000 |
| 320,000 |
In the fourth quarter, the following entries related to its equity are recorded.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| October 2 | Retained Earnings | 70,000 | |
| Common Dividend Payable | 70,000 | ||
| October 25 | Common Dividend Payable | 70,000 | |
| Cash | 70,000 | ||
| October 31 | Retained Earnings | 71,000 | |
| Common Stock Dividend Distributable | 34,000 | ||
| Paid-In Capital in Excess of Par Value, Common Stock | 37,000 | ||
| November 5 | Common Stock Dividend Distributable | 34,000 | |
| Common Stock, $10 Par Value | 34,000 | ||
| December 1 | Memo—Change the title of the common stock | ||
| account to reflect the new par value of $4. | |||
| December 31 | Income Summary | 300,000 | |
| Retained Earnings | 300,000 |
Required:
2. Complete the following table showing the equity account balances at each indicated date.
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