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Problem 13-3A Equity analysis-journal entries and account balances LO P2
At September 30, the end of Beijing Companys third quarter, the following stockholders equity accounts are reported.
| |
| Common stock, $14 par value | $ | 360,000 |
| Paid-in capital in excess of par value, common stock | | 90,000 |
| Retained earnings | | 380,000 |
| |
In the fourth quarter, the following entries related to its equity are recorded:
| Date | General Journal | Debit | Credit |
| Oct. 2 | Retained Earnings | 40,000 | |
| | Common Dividend Payable | | 40,000 |
| | | | |
| Oct. 25 | Common Dividend Payable | 40,000 | |
| | Cash | | 40,000 |
| | | | |
| Oct. 31 | Retained Earnings | 95,000 | |
| | Common Stock Dividend Distributable | | 46,000 |
| | Paid-In Capital in Excess of Par Value, Common Stock | | 49,000 |
| | | | |
| Nov. 5 | Common Stock Dividend Distributable | 46,000 | |
| | Common Stock, $14 Par Value | | 46,000 |
| | | | |
| Dec. 1 | MemoChange the title of the common stock | | |
| | account to reflect the new par value of $4. | | |
| | | | |
| Dec. 31 | Income Summary | 260,000 | |
| | Retained Earnings | | 260,000 |
| |
Required: 2. Complete the following table showing the equity account balances at each indicated date.
| Oct. 2 | Oct. 25 | Oct. 31 | Nov. 5 | Dec. 1 | Dec.31 |
| Common stock | | | | | | |
| Common stock dividend distributable | | | | | | |
| Paid-in capital in excess of par, Common stock | | | | | | |
| Retained earnings | | | | | | |
| Total equity | $0 | $0 | $0 | $0 | $0 | $0 |
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