31. Closed the credit balance of the income summary account, $269,400.2. Journalize the entries to record the transactions, and post to the eight selectedTreasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends.listed. Also prepare T accounts for the following: Paid-In Capital from Sale cfJuly 1. Declared a 4% stock dividend on common stock, to be capitalized at the1. Enter the January 1 balances in T accounts for the stockholders' equity accountsFROBLEM 12-4BBtries for selectedoporate transactionsObjectives 4, 5, 7, 8Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equityaccounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are asfollows:Common Stock, $20 stated value (100,000 shares authorized,75,000 shares issued)Paid-In Capital in Excess of Stated ValueRetained Earnings..Treasury Stock (5,000 shares, at cost)$1,500,000180,000725,000140,000ADNETASSThe following selected transactions occurred during the4 Total stockholders'quity, $2,859,825year:Jan. 28. Paid cash dividends of $0.80 per share on the common stock. The divi-dend had been properly recorded when declared on December 30 ofthe preceding fiscal year for $56,000.Mar. 21. Issued 15,000 shares of common stock for $480,000.May 10. Sold all of the treasury stock for $165,000.market price of the stock, which is $36 a share.Aug. 11. Issued the certificates for the dividend declared on July 1.Oct. 20. Purchased 7,500 shares of treasury stock for $255,000.Dec. 27. Declared a $0.75-per-share dividend on common stock.31. Closed the two dividends accounts to Retained Earnings.Instructionsaccounts.

Journal entry shows the recording of the transactions during the accounting year shows debit &…

July 1. Declared a 4% stock dividend on common stock, to be capitalized a market price of the stock, which is $36 a share. Aug. 11. Issued the certificates for the dividend declared on July 1. Oct. 20. Purchased 7,500 shares of treasury stock for $255,000. Dec. 27. Declared a $0.75-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $269,400. 31. Closed the two dividends accounts to Retained Eanings. at the Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale oi Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends 2. Joumalize the entries to record the transactions, and post to the eight seleg

July 1. Declared a 4% stock dividend on common stock, to be capitalized a market price of the stock, which is $36 a share. Aug. 11. Issued the certificates for the dividend declared on July 1. Oct. 20. Purchased 7,500 shares of treasury stock for $255,000. Dec. 27. Declared a $0.75-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $269,400. 31. Closed the two dividends accounts to Retained Eanings. at the Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale oi Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends 2. Joumalize the entries to record the transactions, and post to the eight seleg

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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