Nams auto parts reports the following components of stockholders' equity at December 31, 2018. Common stock-$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding= $1,200,000,Paid-in capital in excess of par value=70,000, common stock Retained earnings-400,000,Total stockholders' equity=$1,670,000. During 2019, the following transactions affected its stockholders' equity accounts. Jan 2 Purchased 4,000 shares of its own stock at $20 cash per share. Jan 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 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Aug 22 Sold 2,500 of its treasury shares at $17 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 $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Required: 1. Prepare journal entries to record each of these transactions.

Nams auto parts reports the following components of stockholders' equity at December 31, 2018. Common stock-$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding= $1,200,000,Paid-in capital in excess of par value=70,000, common stock Retained earnings-400,000,Total stockholders' equity=$1,670,000. During 2019, the following transactions affected its stockholders' equity accounts. Jan 2 Purchased 4,000 shares of its own stock at $20 cash per share. Jan 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 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Aug 22 Sold 2,500 of its treasury shares at $17 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 $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Required: 1. Prepare journal entries to record each of these transactions.

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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