Included in the December 31, 2012, Jacobi Company balance sheet was the followin
ID: 2459033 • Letter: I
Question
Included in the December 31, 2012, Jacobi Company balance sheet was the following shareholders' equity section:
The company engaged in the following stock transactions during 2013:
Required:
1. Prepare journal entries to record the preceding transactions. If a memo entry is required, select "Memo entry" from dropdown and leave the amount box blank or enter "0". For a compound transaction, if an amount box does not require an entry, leave it blank.
Hide1. Prepare journal entries to record the preceding transactions. If a memo entry is required, select "Memo entry" from dropdown and leave the amount box blank or enter "0". For a compound transaction, if an amount box does not require an entry, leave it blank.
Explanation / Answer
Date
Account Titles and Explanation
Debit
Credit
Jan4
Retained earnings
6000
Bank
6000
Jan4
Retained earnings
48000
Bank
48000
Apl2
Bank
168000
Treasury stock
168000
May14
Stock dividend
18500
Bank
18500
June4
No entry
0
0
July 5
Retained earnings
6000
Bank
6000
July 20
Common stock (par value 2.5)
185000
Common stock (par value 5)
185000
Aug3
No entry
0
0
Sept14
Property dividend
45000
Bank
45000
Dec3
No entry
0
0
Date
Account Titles and Explanation
Debit
Credit
Jan4
Retained earnings
6000
Bank
6000
Jan4
Retained earnings
48000
Bank
48000
Apl2
Bank
168000
Treasury stock
168000
May14
Stock dividend
18500
Bank
18500
June4
No entry
0
0
July 5
Retained earnings
6000
Bank
6000
July 20
Common stock (par value 2.5)
185000
Common stock (par value 5)
185000
Aug3
No entry
0
0
Sept14
Property dividend
45000
Bank
45000
Dec3
No entry
0
0