Zen Aerospace Corporation reported the following equity account balances on December 31, 2022: In 2023, the company
Question:
Zen Aerospace Corporation reported the following equity account balances on December 31, 2022:
In 2023, the company had the following transactions affecting shareholders and the shareholders’ equity accounts:
Required
1. Prepare journal entries to record the transactions and closings for 2023 (assume the retirements were the first ever recorded by Zen Aerospace).
2. Prepare the statement of changes in equity for the year ended December 31, 2023.
Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 29,500 shares issued and outstanding Retained earnings -0- 814,200 343,000
Step by Step Answer:
Part 1 Journal entries 2023 Jan Feb July Sept Oct Dec 1 Common Shares Retained Earnings Cash ...View the full answer
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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