In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 311 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, $12 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 earnings Total equity September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ 420,000 110,000 320,000 850,000 October 2 $ 420,000 0 110,000 380,000 C Debit 40,000 $ 910,000 40,000 79,000 38,000 260,000 420,000 0 110,000 380,000 $ 910,000 Answer is complete but not entirely correct. October 25 Credit 40,000 40,000 38,000 41,000 38,000 260,000 October 31 November $ 420,000 $ 458,000 38,000 151,000 301,000 $ 910,000 0 151,000 301,000 $ 910,000 December December 1 31 $ 458,000$ 00 458,000 0 151,000 301,000 $ 910,000 151,000 301,000 $910,000
In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 311 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, $12 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 earnings Total equity September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ 420,000 110,000 320,000 850,000 October 2 $ 420,000 0 110,000 380,000 C Debit 40,000 $ 910,000 40,000 79,000 38,000 260,000 420,000 0 110,000 380,000 $ 910,000 Answer is complete but not entirely correct. October 25 Credit 40,000 40,000 38,000 41,000 38,000 260,000 October 31 November $ 420,000 $ 458,000 38,000 151,000 301,000 $ 910,000 0 151,000 301,000 $ 910,000 December December 1 31 $ 458,000$ 00 458,000 0 151,000 301,000 $ 910,000 151,000 301,000 $910,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:In the fourth quarter, the following entries related to its equity are recorded.
General Journal
Date
October 2
October 25
October 31.1
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, $12 Par Value
Meno-Change the title of the common stock
account to reflect the new par value of $4.
Incone 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
Required:
2. Complete the following table showing the equity account balances at each indicated date.
$
$
$
S
110,000
320,000
850,000
October 2
420,000 $ 420,000
00
110,000
380,000
$ 910,000
Debit
40,000
40,000
79,000
260,000
Answer is complete but not entirely correct.
October
25
38,000
$ 420,000
110,000
380,000
$ 910,000
00
Credit
40,000
40,000
38,000
41,000
38,000
260,000
October
31
November
December
151,000
301,000
$ 910,000
$ 420,000 $ 458,000 $ 458,000$
38,000
00
00
151,000
301,000
$ 910,000
December
31
151,000
301,000
$ 910,000
458,000
01
151,000
301,000
$ 910,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education