At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock Retained earnings 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, $10 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 S Required: 2. Complete the following table showing the equity account balances at each indicated date. $ S S 420,000 $ 420,000 120,000 320,000 120,000 320,000 860,000 October 2 $ 420,000 $ 420,000 Debit 40,000 0 40,000 67,000 120,000 320,000 X $ 860,000 $ 32,000 260,000 Answer is complete but not entirely correct. October 25 November 5 $452,000 Credit 40,000 40,000 32,000 35,000 October 31 120,000 320,000 X 860,000 $ 32,000 260,000 $420,000 32,000 155,000 171.000 X 778,000 $ 0 December $452.000 155,000 171,000 X 778,000 S 0✔ 155,000 171.000 > 778,000 December 31 $ 452,000 0✔ 435,000 X 430,000 > $ 1,317,000
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock Retained earnings 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, $10 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 S Required: 2. Complete the following table showing the equity account balances at each indicated date. $ S S 420,000 $ 420,000 120,000 320,000 120,000 320,000 860,000 October 2 $ 420,000 $ 420,000 Debit 40,000 0 40,000 67,000 120,000 320,000 X $ 860,000 $ 32,000 260,000 Answer is complete but not entirely correct. October 25 November 5 $452,000 Credit 40,000 40,000 32,000 35,000 October 31 120,000 320,000 X 860,000 $ 32,000 260,000 $420,000 32,000 155,000 171.000 X 778,000 $ 0 December $452.000 155,000 171,000 X 778,000 S 0✔ 155,000 171.000 > 778,000 December 31 $ 452,000 0✔ 435,000 X 430,000 > $ 1,317,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
At September 30, the end of Beijing Company’s third quarter, the following
Transcribed Image Text:At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported.
Common stock, $10 par value
Paid-in capital in excess of par value, common stock
Retained earnings
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, $10 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
S
S
S
$
420,000
$ 420,000
120,000
320,000
Required:
2. Complete the following table showing the equity account balances at each indicated date.
120,000
320,000
860,000
October 2
Debit
40,000
October
25
40,000
$ 420,000 $ 420,000
0✔
120,000✔
320,000 X
$ 860,000 $
67,800
32,000
260,000
Credit
Answer is complete but not entirely correct.
40,000
40,000
32,000
35,000
0✓
120,000✔
320,000 X
860,000 $
32,000
260,000
October
31
November
$ 420,000
32,000✔
155,000 ✓
171,000 X
778,000 S
December
$ 452,000 $ 452,000
0✔
155,000 ✓
171,000 X
778,000
$
0✓
155,000 ✓
171,000 X
778,000
December
31
$ 452.000
0✔
435,000 X
430,000 X
$ 1.317.000
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