The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 151,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,100 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: (a) Feb. Mar. 2 June 14 July Sept. Oct. Dec. Date 11 Issued 50,500 common shares at $21 per share. Reacquired 19,600 common shares at $23 per share. Split the common shares 2 for 1 when the common shares were trading at $31 per share. Reacquired 390 preferred shares at $70 per share. Reacquired 50,500 common shares for $18 per share. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. 25 16 13 Feb. 11: Prepare journal entries for the transactions. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.) Mar. 2 : June 14: July 25 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Account Titles Cash Common Shares Common Shares Retained Earnings Contributed Surplus-Reacquisition of Common Shares Cash No Entry No Entry $2,575,500 382,500 30,200 I Preferred Shares 1,261,000 Common Shares Debit 1060500 30200 0 Credit 1060500 450800
The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 151,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,100 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: (a) Feb. Mar. 2 June 14 July Sept. Oct. Dec. Date 11 Issued 50,500 common shares at $21 per share. Reacquired 19,600 common shares at $23 per share. Split the common shares 2 for 1 when the common shares were trading at $31 per share. Reacquired 390 preferred shares at $70 per share. Reacquired 50,500 common shares for $18 per share. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. 25 16 13 Feb. 11: Prepare journal entries for the transactions. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.) Mar. 2 : June 14: July 25 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Account Titles Cash Common Shares Common Shares Retained Earnings Contributed Surplus-Reacquisition of Common Shares Cash No Entry No Entry $2,575,500 382,500 30,200 I Preferred Shares 1,261,000 Common Shares Debit 1060500 30200 0 Credit 1060500 450800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:The following shareholders' equity accounts are reported by Blossom Inc. on January 1:
Common shares (unlimited authorized, 151,500 issued)
Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5.100 issued)
Contributed surplus-reacquisition of common shares
Retained earnings
The following selected transactions occurred during the year:
(a)
Dec.
Date
Feb. 11 Issued 50,500 common shares at $21 per share.
Mar,
2
Reacquired 19,600 common shares at $23 per share.
June 14
Split the common shares 2 for 1 when the common shares were trading at $31 per share.
July 25
Reacquired 390 preferred shares at $70 per share.
Sept. 16
Reacquired 50,500 common shares for $18 per share.
Oct.
27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24.
The fair value of the common shares on October 27 was $20 per share.
13
Feb. 11 :
Mar. 2
:
Prepare journal entries for the transactions. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g.
15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.)
June 14 :
Account Titles
July 25 :
Cash
Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was
$22 per share.
Common Shares
Common Shares
Retained Earnings
Contributed Surplus-Reacquisition of Common Shares
Cash
No Entry
No Entry
$2,575,500
I
Preferred Shares
382,500
Common Shares
30,200
1,261,000
Debit
1060500
30200
0
Credit
1060500
450800
0
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