The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December :
References
Common shares, unlimited shares authorized, shares issued and outstanding
Retained earnings
Total equity
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.
Sept. The directors declared a $ per share cash dividend payable on october to the October shareholders of record.
ct Paid the dividend declared on September
Dec. Closed the $ credit balance in the Income Summary account.
Required:
Prepare journal entries to record the transactions and closings for The company uses a Cash Dividends account when dividends are declared.
No
Date
General Journal
Debit
Credit
Prepare the equity section of the corporation's balance sheet as of December Enter all amounts as positive values.
