Problem A Share transactions, dividends, statement of changes in equity LO
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December
In Umi had the following transactions affecting shareholders and the equity accounts:
Jan. The directors declared a $ per share cash dividend payable on Feb. to the
Feb. shareholders of record.
Feb. Paid the dividend declared on January
July Sold common shares at $ per share.
Aug. Sold common shares at $ per share.
Sept. The directors declared a $ per share cash dividend payable on October to the
October shareholders of record.
Oct. Paid the dividend declared on September
Dec. Closed the $ credit balance in the Income Summary account.
Closed the Cash Dividends account.
Required:
Prepare journal entries to record the transactions and closings for The company uses a Cash Dividends account when
dividends are declared.
