At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock $ 480,000 100,000 360,000 Retained earnings In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31 November 5 December 1 December 31 Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity S S S S Required: 2. Complete the following table showing the equity account balances at each indicated date. September 30 Beginning Balance 100,000 360,000 940,000 October 2 0✔ Debit 70,000 October 25 100,000 290,000 $ 870,000 32,000 70,000 67,000 260,000 Answer is complete but not entirely correct. $ 870,000 0✔ 100,000 290,000✔ Credit 480,000 $ 480,000 $ 480,000 $ 480300 $ 512,000 $ 512,000 S 512,000✔ 0 32,000 135,000✔ 203,000 X $ 850,000 $ 70,000 70,000 32,000 35,000 32,000 260,000 October 31 November December 5 1 0✔ 135,000✔ 203,000 X 850,000 0✔ 135,000✔ 203,000 x December 31 $ 850,000 135,000✔ 453,000 x $ 1,100,000
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $10 par value Paid-in capital in excess of par value, common stock $ 480,000 100,000 360,000 Retained earnings In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31 November 5 December 1 December 31 Retained Earnings Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity S S S S Required: 2. Complete the following table showing the equity account balances at each indicated date. September 30 Beginning Balance 100,000 360,000 940,000 October 2 0✔ Debit 70,000 October 25 100,000 290,000 $ 870,000 32,000 70,000 67,000 260,000 Answer is complete but not entirely correct. $ 870,000 0✔ 100,000 290,000✔ Credit 480,000 $ 480,000 $ 480,000 $ 480300 $ 512,000 $ 512,000 S 512,000✔ 0 32,000 135,000✔ 203,000 X $ 850,000 $ 70,000 70,000 32,000 35,000 32,000 260,000 October 31 November December 5 1 0✔ 135,000✔ 203,000 X 850,000 0✔ 135,000✔ 203,000 x December 31 $ 850,000 135,000✔ 453,000 x $ 1,100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported.
Common stock, $10 par value
$ 480,000
Paid-in capital in excess of par value, common stock
100,000
Retained earnings
360,000
In the fourth quarter, the following entries related to its equity are recorded.
General Journal
Date
October 2
October 25
October 31
November 5
December 1
December 31
Retained Earnings
Common Dividend Payable
Common Dividend Payable
Cash
Retained Earnings
Common Stock Dividend Distributable
Paid-In Capital in Excess of Par Value, Common Stock
Common Stock Dividend Distributable
Common Stock, $10 Par Value
Memo-Change the title of the common stock
account to reflect the new par value of $4.
Income Summary
Retained Earnings
Common stock
Common stock dividend distributable
Paid-in capital in excess of par, common stock
Retained earnings
Total equity
S
Required:
2. Complete the following table showing the equity account balances at each indicated date.
September
30
Beginning
Balance
S
S
S
480,000
100,000
360,000
940,000
October 2
Debit
70,000
70,000
67,000
October
25
32,000
260,000
0
Answer is complete but not entirely correct.
Credit
70,000
70,000
32,000
35,000
32,000
260,000
October
31
November
5
December
1
$ 480,000 $ 480,000 $ 480300 $ 512,000 $ 512,000 $ 512,000✔
0
0✓
0♥
100,000✔ 100,000
290,000✔ 290,000
$ 870,000 $ 870,000
32,000
135,000
203,000 X
$ 850,000 S
0✔
135,000✔
203,000 X
850,000
135,000
203,000 x
December
31
$ 850,000
135,000
453,000 x
$ 1,100,000
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