Homework Help is Here – Start Your Trial Now!
Business
Accounting
Pina, Inc. obtained significant influence over Seles Corporation by buying  30% of Seles’s  29,700 outstanding shares of common stock at a total cost of $ 10 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $ 33,000 to all stockholders. On December 31, Seles reported a net income of $ 79,200 for the year. Prepare all necessary journal entries in 2020 for both situations. (Credit account titles are automatically indented 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.)   i cant figure out the Account Titles and Explanation

Pina, Inc. obtained significant influence over Seles Corporation by buying  30% of Seles’s  29,700 outstanding shares of common stock at a total cost of $ 10 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $ 33,000 to all stockholders. On December 31, Seles reported a net income of $ 79,200 for the year. Prepare all necessary journal entries in 2020 for both situations. (Credit account titles are automatically indented 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.)   i cant figure out the Account Titles and Explanation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Situation 2
Pina, Inc. obtained significant influence over Seles Corporation by buying  30% of Seles’s  29,700 outstanding shares of common stock at a total cost of $ 10 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $ 33,000 to all stockholders. On December 31, Seles reported a net income of $ 79,200 for the year.

Prepare all necessary journal entries in 2020 for both situations. (Credit account titles are automatically indented 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.)

 

i cant figure out the Account Titles and Explanation

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS