Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. July 6 Sold 1,900 of its September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger View transaction list $ 500,000 75,000 410,000 $985,000 Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box.
Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. treasury shares at $27 cash per share. August 22 Sold 3,100 of its treasury shares at $20 cash per share. July 6 Sold 1,900 of its September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger View transaction list $ 500,000 75,000 410,000 $985,000 Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued
and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
During 2020, the following transactions affected its stockholders' equity accounts.
January 2 Purchased 5,000 shares of its own stock at $23 cash per share.
January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
February 28 Paid the dividend declared on January 5.
July 6 Sold 1,900 of its treasury shares at $27 cash per share.
August 22 Sold 3,100 of its treasury shares at $20 cash per share.
September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
October 28 Paid the dividend declared on September 5.
December 31 Closed the $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings.
Requirement
General
Journal
General
Ledger
View transaction list
$ 500,000
75,000
410,000
$985,000
Trial Balance
Statement of Stockholders
RE
Equity
Impact on
Equity
During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no
journal entry is required, select "No journal entry required" in the first input box.
Transcribed Image Text:Purchased 5,000 shares of its own stock at $23 cash per share.
Note: Enter debits before credits.
Date
Jan 02
Record entry
Account Title
Clear entry
Debit
Credit
View general journal
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