The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000Paid-in Capital in Excess of Par Value—Preferred Stock 14,850Paid-in Capital in Excess of Stated Value—Common Stock 513,600Retained Earnings 686,500Treasury Stock (4,950 common shares) 39,600During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.Feb.1 Issued 4,950 shares of common stock for $29,700.Mar.20 Purchased 1,400 additional shares of common treasury stock at $7 per share.Oct.1 Declared a 8% cash dividend on preferred stock, payable November 1.Nov.1 Paid the dividend declared on October 1.Dec.1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.Dec.31 Determined that net income for the year was $276,100. Paid the dividend declared on December 1. (Record entries in the order displayed in the problem statement. 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. Round answers to 0 decimal places, e.g. 5,275.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account title to record the net incomeenter a debit amountenter a credit amount enter an account title to record the net incomeenter a debit amountenter a credit amount (To record net income) choose a transaction date enter an account title to close the cash dividendsenter a debit amountenter a credit amount enter an account title to close the cash dividendsenter a debit amountenter a credit amount (To close cash dividends) choose a transaction date enter an account title to record the payment of cash dividends payableenter a debit amountenter a credit amount enter an account title to record the payment of cash dividends payableenter a debit amountenter a credit amount (To record payment of cash dividends payable)

Journal entry refers to the posting of the transactions into the books of the company or entity and…

The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $276,100. Paid the dividend declared on December 1. (Record entries in the order displayed in the problem statement. 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. Round answers to 0 decimal places, e.g. 5,275.)

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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The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized)		$297,000
Common Stock ($4 stated value, 321,000 shares authorized)		1,070,000
Paid-in Capital in Excess of Par Value—Preferred Stock		14,850
Paid-in Capital in Excess of Stated Value—Common Stock		513,600
Retained Earnings		686,500
Treasury Stock (4,950 common shares)		39,600

During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb.	1	Issued 4,950 shares of common stock for $29,700.
Mar.	20	Purchased 1,400 additional shares of common treasury stock at $7 per share.
Oct.	1	Declared a 8% cash dividend on preferred stock, payable November 1.
Nov.	1	Paid the dividend declared on October 1.
Dec.	1	Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31	Determined that net income for the year was $276,100. Paid the dividend declared on December 1.

(Record entries in the order displayed in the problem statement. 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. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title to record the net income	enter a debit amount	enter a credit amount
	enter an account title to record the net income	enter a debit amount	enter a credit amount
	(To record net income)
choose a transaction date	enter an account title to close the cash dividends	enter a debit amount	enter a credit amount
	enter an account title to close the cash dividends	enter a debit amount	enter a credit amount
	(To close cash dividends)
choose a transaction date	enter an account title to record the payment of cash dividends payable	enter a debit amount	enter a credit amount
	enter an account title to record the payment of cash dividends payable	enter a debit amount	enter a credit amount
	(To record payment of cash dividends payable)

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