Accounting, Analysis, and Principles On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 55,000 shares issued and outstanding) $550,000 Paid-in Capital in Excess of Par—Common Stock 510,000 Retained Earnings 629,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 2,100 common shares at a market price of $15 per share. Nov. 15 Reissued 1,050 shares held in treasury at a price of $18 per share. Dec. 31 Determined that net income for the year was $370,000. (a1) Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 Click if you would like to Show Work for this question: Open Show Work

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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Accounting, Analysis, and Principles

On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts.

Common Stock ($10 par value, 55,000 shares issued and outstanding)		$550,000
Paid-in Capital in Excess of Par—Common Stock		510,000
Retained Earnings		629,000

During 2020, the following transactions occurred.

Jan. 15		Declared and paid a $1.05 cash dividend per share to stockholders.
Apr. 15		Declared and paid a 10% stock dividend. The market price of the stock was $13 per share.
May 15		Reacquired 2,100 common shares at a market price of $15 per share.
Nov. 15		Reissued 1,050 shares held in treasury at a price of $18 per share.
Dec. 31		Determined that net income for the year was $370,000.

(a1)

Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020

Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020


Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020

Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020


Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020

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