Current Attempt in Progress On January 1, 2022, Oriole Company had the following stockholders' equity accounts. Common Stock ($14 par value. 81.300 shares issued and outstanding) $1.138.200 Paid-in Capital in Excess of Par-Common Stock 220,000 Retained Earnings 596,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 July 1 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. May 15 Issued the shares for the stock dividend Dec. 1 Paid the dividend declared in January Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023 Dec. 31 Determined that net income for the year was $280,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Current Attempt in Progress On January 1, 2022, Oriole Company had the following stockholders' equity accounts. Common Stock ($14 par value. 81.300 shares issued and outstanding) $1.138.200 Paid-in Capital in Excess of Par-Common Stock 220,000 Retained Earnings 596,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 July 1 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. May 15 Issued the shares for the stock dividend Dec. 1 Paid the dividend declared in January Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023 Dec. 31 Determined that net income for the year was $280,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Current Attempt in Progress
ate
On January 1, 2022, Oriole Company had the following stockholders' equity accounts.
Common Stock ($14 par value, 81,300 shares issued and outstanding) $1,138,200
Paid-in Capital in Excess of Par-Common Stock
220,000
Retained Earnings
15
During the year, the following transactions occurred.
15
Jan. 15
Feb. 15
Apr. 15
May 15
July 1
Dec. 1
Dec. 31
150
Journalize the transactions and the closing entries for net income and dividends. (Record journal
entries in the order presented in the problem. Credit account titles are automatically indented
when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts)
15 0
10
31 O
31 0
310
Declared a $1 cash dividend per share to stockholders of record on January 31, payable
February 15.
Paid the dividend declared in January.
Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On
April 15, the market price of the stock was $16 per share.
Issued the shares for the stock dividend.
Announced a 2-for-1 stock split. The market price per share prior to the announcement was
$14. (The new par value is $7.)
Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable
January 10, 2023.
Determined that net income for the year was $280,000.
Common Stock Dividends Distributable
Account Titles and Explanation
Dividends Payable
Dividends Payable
Cash
Common Stock Dividends Distributable
Paid in Capital in Excess of Par Common Stock
Common Stock Dividends Distributable
Common Stock Dividends Distributable
Common Stock
Retained Earnings
Paid-in Capital in Excess of Par-Common Stock
Common Stock
Paid-in Capital in Excess of Par-Common Stock
Common Stock
Common Dividends Payable
(To close cash dividends)
Common Stock
Cash
Common Stock Dividends Distributable
(To close stock dividends)
596,000
Income Summary
(To close net income)
Debit
81300
81300
90780
90780
280000
37640
280000
280000
00000 00 ப
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