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Account Titles Debit Credit Cash Dividend 133,000 Cash Dividend Payable 133, Cash Dividend Payable 133,000 Cash IS 133, No entry Shares issued and outstanding increased to 133000 Stock Dividend 279.300 %24

Account Titles Debit Credit Cash Dividend 133,000 Cash Dividend Payable 133, Cash Dividend Payable 133,000 Cash IS 133, No entry Shares issued and outstanding increased to 133000 Stock Dividend 279.300 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please look at the attached images to assist in journaling the Retained Earnings and net income

Frasier Closings for Net Income Date Account Titles Debit Credit Feb. 1 Cash Dividend IS 133,000 Cash Dividend Payable 133,000 Mar. 1 Cash Dividend Payable 133,000 Cash S 133,000 Apr. 1 No entry Shares issued and outstanding increased to 133000 Jul. 1 Stock Dividend S 279,300 Stock Dividend Distributable 199,500 Paid in Capital in excess of par 79,800 Jul. 31 Stock Dividend Distributable S 199,500 Common Stock S 199,500 Dec. 1 Cash Dividend IS 45,885 Cash Dividend Payable 45,885 Dec. 31 Income Summary S 390,000 Retained Earnings 390,000 Dec. 31 Retained Eamings 279,300 Stock Dividend IS 279,300 Dec. 31 Retained Eamings 178,885 Cash Dividend 178,885
Transcribed Image Text:Frasier Closings for Net Income Date Account Titles Debit Credit Feb. 1 Cash Dividend IS 133,000 Cash Dividend Payable 133,000 Mar. 1 Cash Dividend Payable 133,000 Cash S 133,000 Apr. 1 No entry Shares issued and outstanding increased to 133000 Jul. 1 Stock Dividend S 279,300 Stock Dividend Distributable 199,500 Paid in Capital in excess of par 79,800 Jul. 31 Stock Dividend Distributable S 199,500 Common Stock S 199,500 Dec. 1 Cash Dividend IS 45,885 Cash Dividend Payable 45,885 Dec. 31 Income Summary S 390,000 Retained Earnings 390,000 Dec. 31 Retained Eamings 279,300 Stock Dividend IS 279,300 Dec. 31 Retained Eamings 178,885 Cash Dividend 178,885
Frasier Closings for Net Income Date Account Titles Debit Credit Feb. 1 Cash Dividend IS 133,000 Cash Dividend Payable 133,000 Mar. 1 Cash Dividend Payable 133,000 Cash S 133,000 Apr. 1 No entry Shares issued and outstanding increased to 133000 Jul. 1 Stock Dividend S 279,300 Stock Dividend Distributable 199,500 Paid in Capital in excess of par 79,800 Jul. 31 Stock Dividend Distributable S 199,500 Common Stock S 199,500 Dec. 1 Cash Dividend IS 45,885 Cash Dividend Payable 45,885 Dec. 31 Income Summary S 390,000 Retained Earnings 390,000 Dec. 31 Retained Eamings 279,300 Stock Dividend IS 279,300 Dec. 31 Retained Eamings 178,885 Cash Dividend 178,885
Transcribed Image Text:Frasier Closings for Net Income Date Account Titles Debit Credit Feb. 1 Cash Dividend IS 133,000 Cash Dividend Payable 133,000 Mar. 1 Cash Dividend Payable 133,000 Cash S 133,000 Apr. 1 No entry Shares issued and outstanding increased to 133000 Jul. 1 Stock Dividend S 279,300 Stock Dividend Distributable 199,500 Paid in Capital in excess of par 79,800 Jul. 31 Stock Dividend Distributable S 199,500 Common Stock S 199,500 Dec. 1 Cash Dividend IS 45,885 Cash Dividend Payable 45,885 Dec. 31 Income Summary S 390,000 Retained Earnings 390,000 Dec. 31 Retained Eamings 279,300 Stock Dividend IS 279,300 Dec. 31 Retained Eamings 178,885 Cash Dividend 178,885
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