Possible answers for below: Building Cash Common dividend payable Common stock d
ID: 2500255 • Letter: P
Question
Possible answers for below:
Building
Cash
Common dividend payable
Common stock dividend distributable
Common stock, $0.50 par value
Common stock, $1 par value
Common stock, $1 stated value
Common stock, $10 par value
Common stock, $20 par value
Common stock, $8 stated value
Common stock, No-Par value
Income summary
Inventory
Land
Machinery
Note payable
Organization expenses
Paid-In capital, Treasury stock
Paid-in capital in excess of par value, Common stock
Paid-in capital in excess of par value, Preferred stock
Paid-in capital in excess of stated value, Common stock
Preferred stock, $50 par value
Retained earnings
Treasury stock, common.
Explanation / Answer
Date Account Title & Explanation Debit Credit Jan 1 Treasury Stock (4000*20) 80000 Cash 80000 Jan 5 Retained Earnings 184000 Common Dividend Payable: (50000-4000)*4 184000 Feb 28 Common Dividend Payable 184000 Cash 184000 July 6 Cash (1500*24) 36000 Paid in Capital in excess of Par Value 6000 Treasury Stock 80000*(1500/4000) 30000 August 22 Cash (2500*17) 42500 Paid in Capital in excess of Par Value 7500 Treasury Stock 80000*(2500/4000) 50000 Sep 5 Retained Earnings 200000 Common Dividend Payable: (50000*4) 200000 October 28 Common Dividend Payable 200000 Cash 200000 Dec 31 Income Summary Account 408000 Retained Earnings 408000