Stream Launch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $23 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 1,900 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,100 of its treasury shares at $20 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 $164,500 credit balance (from net income) in the Income Summary account to Retained Earnings. General Requirement Journal $ 500,000 75,000 410,000 $985,000 General Ledger Trial Balance View transaction list Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box.
Stream Launch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $23 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 1,900 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,100 of its treasury shares at $20 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 $164,500 credit balance (from net income) in the Income Summary account to Retained Earnings. General Requirement Journal $ 500,000 75,000 410,000 $985,000 General Ledger Trial Balance View transaction list Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Stream Launch Company reports the following components of stockholders' equity on January 1.
Common stock-$10 par value, 130,000 shares authorized,
50,000 shares issued and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
During the year, the following transactions affected its stockholders' equity accounts.
Jan. 2 Purchased 5,000 shares of its own stock at $23 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 1,900 of its treasury shares at $27 cash per share.
Aug. 22 Sold 3,100 of its treasury shares at $20 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 $164,500 credit balance (from net income) in the Income Summary account to Retained Earnings.
Requirement
General
Journal
View transaction list
<
Journal entry worksheet
1
General Ledger Trial Balance
During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal
entry is required, select "No journal entry required" in the first input box.
2
3
4
5
$ 500,000
75,000
410,000
$985,000
6
Statement of Stockholders
RE
Equity
7
Purchased 5,000 shares of its own stock at $23 cash per share.
Impact on
Equity
>
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