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Common stock, $14 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. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal 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 Stook, $14 Par Value Heno-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 earings Total equity September 30 Beginning Balance $ $ $ $ $ 300,000 110,000 400,000 Required: 2. Complete the following table showing the equity account balances at each indicated date 300,000 110,000 400,000 810,000 Debit 40,000 40,000 67,000 32,000 200,000 Credit 40,000 40,000 32,000 35,000 32,000 200,000 October 2 October 25 October 31 November 5 December 1 December 31

Common stock, $14 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. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal 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 Stook, $14 Par Value Heno-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 earings Total equity September 30 Beginning Balance $ $ $ $ $ 300,000 110,000 400,000 Required: 2. Complete the following table showing the equity account balances at each indicated date 300,000 110,000 400,000 810,000 Debit 40,000 40,000 67,000 32,000 200,000 Credit 40,000 40,000 32,000 35,000 32,000 200,000 October 2 October 25 October 31 November 5 December 1 December 31

FINANCIAL ACCOUNTING
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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Common stock, $14 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. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal 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, $14 Par Value Hemo-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 $ $ $ $ $ 300,000 110,000 400,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. 300,000 110,000 400,000 810,000 Debit 40,000 October 2 40,000 67,000 32,000 200,000 October 25 Credit 40,000 40,000 32,000 35,000 32,000 200,000 October 31 November 5 December 1 December 31
Transcribed Image Text:Common stock, $14 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. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal 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, $14 Par Value Hemo-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 $ $ $ $ $ 300,000 110,000 400,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. 300,000 110,000 400,000 810,000 Debit 40,000 October 2 40,000 67,000 32,000 200,000 October 25 Credit 40,000 40,000 32,000 35,000 32,000 200,000 October 31 November 5 December 1 December 31
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