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 $ 480,000 110,000 360,000 In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31 November 5 December 1 December 31 Retained Earnings Common Dividend Payable Common Dividend Payable Cash 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. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ $ October 2 480,000 $ 480,000 110,000 360,000 950,000 $ Debit 70,000 70,000 99,000 0 80,000 290,000 850,000 $ 48,000 280,000 October 25 $ 480,000 0 80,000 290,000 850,000 $ Credit 70,000 70,000 48,000 51,000 48,000 October 31 480,000 $ 520,000 $ 520,000 $ 520,000 0 40,000 0 80,000 123,000 207,000 123,000 497,000 207,000 807,000 $ 850,000 $ $ 280,000 November 5 December 1 December 31 0 123,000 207,000 850,000 $1,140,000
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 $ 480,000 110,000 360,000 In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31 November 5 December 1 December 31 Retained Earnings Common Dividend Payable Common Dividend Payable Cash 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. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ $ October 2 480,000 $ 480,000 110,000 360,000 950,000 $ Debit 70,000 70,000 99,000 0 80,000 290,000 850,000 $ 48,000 280,000 October 25 $ 480,000 0 80,000 290,000 850,000 $ Credit 70,000 70,000 48,000 51,000 48,000 October 31 480,000 $ 520,000 $ 520,000 $ 520,000 0 40,000 0 80,000 123,000 207,000 123,000 497,000 207,000 807,000 $ 850,000 $ $ 280,000 November 5 December 1 December 31 0 123,000 207,000 850,000 $1,140,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported.
Common stock, $12 par value
$ 480,000
Paid-in capital in excess of par value, common stock
Retained earnings
110,000
360,000
In the fourth quarter, the following entries related to its equity are recorded.
General Journal
Date
October 2
October 25
October 31
November 5
December 1
December 31
Retained Earnings
Common Dividend Payable
Common Dividend Payable
Cash
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.
Income Summary
Retained Earnings
Common stock
Common stock dividend distributable
Paid-in capital in excess of par, common stock
Retained earnings
Total equity
September 30
Beginning
Balance
Required:
2. Complete the following table showing the equity account balances at each indicated date.
$
$
$
$
October 2
Debit
70,000
110,000
360,000
950,000 $
70,000
99,000
48,000
80,000
290,000
850,000 $
280,000
October 25
480,000 $ 480,000 $ 480,000
0
0
Credit
70,000
70,000
48,000
51,000
48,000
280,000
October 31
80,000
290,000
850,000 $
November 5 December 1
$ 480,000 $ 520,000 $ 520,000 $ 520,000
40,000
80,000
207,000
807,000 $
0
123,000
207,000
850,000 $
December 31
0
0
123,000
123.000
207,000
497,000
850,000 $ 1,140,000
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