Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 400,000 60,000 330,000 $ 790,000 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. July Aug. record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Sept. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec.

FINANCIAL ACCOUNTING
10th Edition
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Chapter1: Financial Statements And Business Decisions
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Austin Company reports the following components of stockholders' equity on January 1.
Common stock-$10 par value, 110,000 shares authorized,
40,000 shares issued and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
$ 400,000
60,000
330,000
$ 790,000
Total stockholders' equity
During the year, the following transactions affected its stockholders' equity accounts.
Jan.
2 Purchased 4,000 shares of its own stock at $23 cash per share.
5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of
record.
28 Paid the dividend declared on January 5.
6 Sold 1,500 of its treasury shares at $27 cash per share.
22 Sold 2,500 of its treasury shares at $20 cash per share.
5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of
Jan.
Feb.
July
Aug.
Sept.
Oct.
Dec.
record.
28 Paid the dividend declared on. September 5.
31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Stockholders
Impact on
Equity
General
Statement of
General
Journal
Requirement
Trial Balance
Equity
Ledger
RE
During the year, the following transactions affected its stockholders'
journal entry is required, select "No journal entry required" in the first input box.
equity accounts. Prepare the necessary journal entries. If no
Vlew transactlon list
Journal entry worksheet
1 2
6 7
<.
4
8
< Prev.
2 of 2
Next
Transcribed Image Text:Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 400,000 60,000 330,000 $ 790,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Jan. Feb. July Aug. Sept. Oct. Dec. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Stockholders Impact on Equity General Statement of General Journal Requirement Trial Balance Equity Ledger RE During the year, the following transactions affected its stockholders' journal entry is required, select "No journal entry required" in the first input box. equity accounts. Prepare the necessary journal entries. If no Vlew transactlon list Journal entry worksheet 1 2 6 7 <. 4 8 < Prev. 2 of 2 Next
General
Journal
General
Statement of
Stockholders
Impact on
Equity
Requirement
Trial Balance
Ledger
RE
Equity
During the year, the following transactions affected its stockholders'
journal entry is required, select "No journal entry required" in the first input box.
equity accounts. Prepare the necessary journal entries. If no
View transaction list
Journal entry worksheet
1
3
4
7
8
Purchased 4,000 shares of its own stock at $23 cash per share.
Note: Enter debits before credits.
Debit
Credit
Date
Account Title
Jan 02
View general Journal
Record entry
Clear entry
Transcribed Image Text:General Journal General Statement of Stockholders Impact on Equity Requirement Trial Balance Ledger RE Equity During the year, the following transactions affected its stockholders' journal entry is required, select "No journal entry required" in the first input box. equity accounts. Prepare the necessary journal entries. If no View transaction list Journal entry worksheet 1 3 4 7 8 Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Debit Credit Date Account Title Jan 02 View general Journal Record entry Clear entry
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