Kimmel, Financial Accounting, Se LUS de 1Sntem Announcemonts SC Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Proferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 000'00E$ 000'000'I 000'ST 000'o8t 00sʻ169 000'o During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. 1. Issued 5,000 shares of cormmon stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. 1. "AON Paid the dividend declared on October 1. I 200 Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Dec. 31 (e) A Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account tit Termd Og got indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal plac
Kimmel, Financial Accounting, Se LUS de 1Sntem Announcemonts SC Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Proferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 000'00E$ 000'000'I 000'ST 000'o8t 00sʻ169 000'o During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. 1. Issued 5,000 shares of cormmon stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. 1. "AON Paid the dividend declared on October 1. I 200 Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Dec. 31 (e) A Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account tit Termd Og got indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal plac
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kimmel, Financial Accounting, Se
LUS elo I System Announcements
SLYHO O
A
Problem 11-2A (Part Level Submission)
The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized)
Common Stock ($4 stated value, 300,000 shares authorized)
Paid-in Capital in Excess of Par Value-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
000'00€$
000'000'I
000'ST
Retained Earnings
000'08t
00sʻ169
000'ot
(sƏJeys uowwao 000's) pas kunsea
During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb.
1.
Issued 5,000 shares of common stock for $35,000.
Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share.
Declared a 7% cash dividend on preferred stock, payable November 1.
1.
Paid the dividend declared on October 1.
1.
Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
1.
Determined that net income for the year was $278,300. Paid the dividend declared on December 1.
Oct.
Nov.
Dec.
Dec. 31
(e) A
ZYour answer is partially correct. Try again.
Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are an
when 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. Round answers to 0 decimal places, e.g.
Date
Account Titles and Explanation
Debit
Credit
000sE
Common Stock
00002
Paid-in Capital in Excess of Par Value-Common St
000ST
xp0s Aunses
0008
UPED
0008
SOURDO
00012
Transcribed Image Text:Kinnmel, Financial Accounting, Se
S Help I SYstem AnnouNGEmonts
Paid-in Capital in Excess of Par Value-Common St
L7
Treasury Stodk
Mar. 20 v
(009
Cash
0008
Oct. 1
vCash Dividends
0001
Dividends Payable
0001
Nov. 1
Dividends Payable
0001
Cash
0001
Dec. 1 v
Cash Dividends
15950
Dividends Payable
15950
ec. 31 v
Cash
15950
Dividends Payable
15950
(To record net income)
Retained Earnings
278300
278300
Cash
(To close cash dividends)
Retained Earnings
36950
36950
Cash Div dends
e ce ed spueOD Lseo 0 ueuled puope OL)
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