Homework Help is Here – Start Your Trial Now!
Business
Accounting
In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 311 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, $12 Par Value Heno-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 September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ 420,000 110,000 320,000 850,000 October 2 $ 420,000 0 110,000 380,000 C Debit 40,000 $ 910,000 40,000 79,000 38,000 260,000 420,000 0 110,000 380,000 $ 910,000 Answer is complete but not entirely correct. October 25 Credit 40,000 40,000 38,000 41,000 38,000 260,000 October 31 November $ 420,000 $ 458,000 38,000 151,000 301,000 $ 910,000 0 151,000 301,000 $ 910,000 December December 1 31 $ 458,000$ 00 458,000 0 151,000 301,000 $ 910,000 151,000 301,000 $910,000

In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 311 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, $12 Par Value Heno-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 September 30 Beginning Balance $ Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ 420,000 110,000 320,000 850,000 October 2 $ 420,000 0 110,000 380,000 C Debit 40,000 $ 910,000 40,000 79,000 38,000 260,000 420,000 0 110,000 380,000 $ 910,000 Answer is complete but not entirely correct. October 25 Credit 40,000 40,000 38,000 41,000 38,000 260,000 October 31 November $ 420,000 $ 458,000 38,000 151,000 301,000 $ 910,000 0 151,000 301,000 $ 910,000 December December 1 31 $ 458,000$ 00 458,000 0 151,000 301,000 $ 910,000 151,000 301,000 $910,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31.1 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, $12 Par Value Meno-Change the title of the common stock account to reflect the new par value of $4. Incone Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ S 110,000 320,000 850,000 October 2 420,000 $ 420,000 00 110,000 380,000 $ 910,000 Debit 40,000 40,000 79,000 260,000 Answer is complete but not entirely correct. October 25 38,000 $ 420,000 110,000 380,000 $ 910,000 00 Credit 40,000 40,000 38,000 41,000 38,000 260,000 October 31 November December 151,000 301,000 $ 910,000 $ 420,000 $ 458,000 $ 458,000$ 38,000 00 00 151,000 301,000 $ 910,000 December 31 151,000 301,000 $ 910,000 458,000 01 151,000 301,000 $ 910,000
Transcribed Image Text:In the fourth quarter, the following entries related to its equity are recorded. General Journal Date October 2 October 25 October 31.1 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, $12 Par Value Meno-Change the title of the common stock account to reflect the new par value of $4. Incone Summary Retained Earnings Common stock Common stock dividend distributable Paid-in capital in excess of par, common stock Retained earnings Total equity September 30 Beginning Balance Required: 2. Complete the following table showing the equity account balances at each indicated date. $ $ $ S 110,000 320,000 850,000 October 2 420,000 $ 420,000 00 110,000 380,000 $ 910,000 Debit 40,000 40,000 79,000 260,000 Answer is complete but not entirely correct. October 25 38,000 $ 420,000 110,000 380,000 $ 910,000 00 Credit 40,000 40,000 38,000 41,000 38,000 260,000 October 31 November December 151,000 301,000 $ 910,000 $ 420,000 $ 458,000 $ 458,000$ 38,000 00 00 151,000 301,000 $ 910,000 December 31 151,000 301,000 $ 910,000 458,000 01 151,000 301,000 $ 910,000
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS