stock dividend (24,900 shares) common shares retired (110, eee shares) common stock cash dividends Balance at end of year common stock, 1,855,eee shares at $1 par Paid-in capital-excess of par At December 31, 2023, common shares consisted of the following: No 1 3 4 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. 6 6 7 B 9 L Date 2024 2025 2025 2025 2026 2026 2026 2026 Retained earnings Income summary Income summary Retained earnings Retained earnings Common stock Paid in capital - excess of par Retained earnings Cash Cash dividends payable Cash dividends payable Cash Income summary Retained earnings Retained earnings Common stock Retained earnings Cash dividends payable 242,000 General Journal Cash dividends payable Cash 889.950 $8.971.047 $ 1,855,000 7,420,000 Answer is not complete. 212,660 698,000 $6,794,292 S 00 G ( V uff (W) (W (3) S S 00 30 Debit 160.500 2,240,900 110,000 698,000 G 889,950 S $5,454,952 S Credit 160,500 2,240,900 698,000 889,950
stock dividend (24,900 shares) common shares retired (110, eee shares) common stock cash dividends Balance at end of year common stock, 1,855,eee shares at $1 par Paid-in capital-excess of par At December 31, 2023, common shares consisted of the following: No 1 3 4 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. 6 6 7 B 9 L Date 2024 2025 2025 2025 2026 2026 2026 2026 Retained earnings Income summary Income summary Retained earnings Retained earnings Common stock Paid in capital - excess of par Retained earnings Cash Cash dividends payable Cash dividends payable Cash Income summary Retained earnings Retained earnings Common stock Retained earnings Cash dividends payable 242,000 General Journal Cash dividends payable Cash 889.950 $8.971.047 $ 1,855,000 7,420,000 Answer is not complete. 212,660 698,000 $6,794,292 S 00 G ( V uff (W) (W (3) S S 00 30 Debit 160.500 2,240,900 110,000 698,000 G 889,950 S $5,454,952 S Credit 160,500 2,240,900 698,000 889,950
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Balance at beginning of year
Net income (les)
Deductions:
stock dividend (24,900 shares)
common shares retired (110,eee shares)
common stock cash dividends
Balance at end of year
A: December 31, 2023, common shares consisted of the following:
common stock, 1,855,000 shares at $1 par
Paid-in capital-excess of par
NO
1
4
6
6
Required:
Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025
2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac
titled "Income summary" to close net income or net loss.)
Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.
7
B
9
4
Date
2025
2025
2026
RENN DEVER CORPORATION
statements of Retained Earnings
For the Years Ended December 31
2026
$6.794,297
3,308,700
242,000
889.950
$8.971.042
2026
2026
2026
Retained earnings
Income summary
Income summary
Retained earnings
Retained earnings
Common stock
Paid in capital -excess of par
Retained earnings
Cash
Cash dividends payable
Cash dividends payable
Cash
Income summary
Retained earnings
Retained earnings
Common stock
Retained earnings
Cash dividends payable
General Journal
Cash dividends payable
Cash
Answer is not complete.
az
11.464,952
2,240,900
212,660
698,000
$6,794,292
$ 1,855,000
7,420,000
33
C
3444
M
M
C
Debit
160.500
2,240,900
110.000
698.000
2024
19,624,952
(160,599)
889,950
$5,464,952
Credit
160,500
2,240,900
698,000
889,950
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education