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Jan. Jan. 2 Purchased 5,000 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 1,90o0 of its treasury shares at $27 cash per share. Feb. July Aug. 22 Sold 3, 100 of its treasury shares at $20 cash per share. Sept. S Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Answer is not complete. General Joumal General Ledger Requirement Statement of Stockholders RE Impact on Equity Trial Balance Equity

Jan. Jan. 2 Purchased 5,000 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 1,90o0 of its treasury shares at $27 cash per share. Feb. July Aug. 22 Sold 3, 100 of its treasury shares at $20 cash per share. Sept. S Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Answer is not complete. General Joumal General Ledger Requirement Statement of Stockholders RE Impact on Equity Trial Balance Equity

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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During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 5,000 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. Feb. 28 Paid the dividend declared on January S. 6 Sold 1,900 of its treasury shares at $27 cash per share. July Aug 22 Sold 3, 100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214, 000 credit balance (from net income) in the Income Summary account to Retained Earnings. X Answer is not complete. General Joumal General Trial Balance Statement of Stockholders RE Requirement Impact on Equity Ledger Equity During the year, the following transactions affected its stockholders'O equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. No Date Account Title Debit Credit Jan 02 Treasury stock. Common 115,000 O Cash 115,000 O Jan 05 Retained earnings 90,000 O Common dividend payable 90,000 O 3 Feb 28 Common dividend payable 90,000 O Cash 90,000 O Jul 08 Cash 51,300 O Treasury stock, Common 43,700 Paid-in capital, Treasury stock 7,600 O Aug 22 Cash 82.000 O Sep 05 Retained earnings 100,000 O Common dividend payable 100.000 Oct 28 Common dividend payable 100,000 Cash 100,000 Dec 31 Income summary 214,000 O Retained eamings 214,000 O
Transcribed Image Text:During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 5,000 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. Feb. 28 Paid the dividend declared on January S. 6 Sold 1,900 of its treasury shares at $27 cash per share. July Aug 22 Sold 3, 100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214, 000 credit balance (from net income) in the Income Summary account to Retained Earnings. X Answer is not complete. General Joumal General Trial Balance Statement of Stockholders RE Requirement Impact on Equity Ledger Equity During the year, the following transactions affected its stockholders'O equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. No Date Account Title Debit Credit Jan 02 Treasury stock. Common 115,000 O Cash 115,000 O Jan 05 Retained earnings 90,000 O Common dividend payable 90,000 O 3 Feb 28 Common dividend payable 90,000 O Cash 90,000 O Jul 08 Cash 51,300 O Treasury stock, Common 43,700 Paid-in capital, Treasury stock 7,600 O Aug 22 Cash 82.000 O Sep 05 Retained earnings 100,000 O Common dividend payable 100.000 Oct 28 Common dividend payable 100,000 Cash 100,000 Dec 31 Income summary 214,000 O Retained eamings 214,000 O
Upperchurch Company reports the following components of stockholders' equity on January 1. points Common stock-$10 par value, 130,000 shares authorized, se, 000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $500,000 75,000 410,000 Total stockholders' equity $985,000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. S Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Jan. Jan. Feb. 28 Paid the dividend declared on January S. July Aug, 22 Sold 3,100 of its treasury shares at $2e cash per share. Sept. S Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214A, 000 credit balance (from net income) in the Income Summary account to Retained Earnings. 6 Sold 1,90ND of its treasury shares at $27 cash per share. O Answer is not complete. General Journal General Ledger Trial Balance Statement of Stockholders RE Requirement Equity Impact on Equity During the year, the following transactions affected its stockholders'O equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. No Date Account Title Debit Credit Jan 02 Treasury stock, Common 115,000 O Cash 115.000 Jan 05 Retained earnings 00,000 Common dividend payable 90,000 Feb 28 Common dividend payable p0,000 Cash 00.000 4. Jul 00 Cash 51,300 O Treasury stok, Common 43,700 O Paid-in capital. Treasury stock 7,000 Aug 22 Cash 02.000 O Mc Graw Hill < Prev 2 of 2 Next 2 Type here to search
Transcribed Image Text:Upperchurch Company reports the following components of stockholders' equity on January 1. points Common stock-$10 par value, 130,000 shares authorized, se, 000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $500,000 75,000 410,000 Total stockholders' equity $985,000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. S Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Jan. Jan. Feb. 28 Paid the dividend declared on January S. July Aug, 22 Sold 3,100 of its treasury shares at $2e cash per share. Sept. S Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214A, 000 credit balance (from net income) in the Income Summary account to Retained Earnings. 6 Sold 1,90ND of its treasury shares at $27 cash per share. O Answer is not complete. General Journal General Ledger Trial Balance Statement of Stockholders RE Requirement Equity Impact on Equity During the year, the following transactions affected its stockholders'O equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. No Date Account Title Debit Credit Jan 02 Treasury stock, Common 115,000 O Cash 115.000 Jan 05 Retained earnings 00,000 Common dividend payable 90,000 Feb 28 Common dividend payable p0,000 Cash 00.000 4. Jul 00 Cash 51,300 O Treasury stok, Common 43,700 O Paid-in capital. Treasury stock 7,000 Aug 22 Cash 02.000 O Mc Graw Hill < Prev 2 of 2 Next 2 Type here to search
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