Journalize Elegant's transactions. Explanations are not required

Report Elegant Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was 26,000

 

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Elegant Jewellery Limited reported the following summarized balance sheet at December 31, 2019 (Click the icon to view the statement.) i (Click the icon to view the transactions.) Requirements 1. Journalize Elegant's transactions. Explanations are not required. 2. Report Elegant Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was $25,000. Requirement 1. Journalize the transactions. (Record debits first, then credits. Explanations are not required.) February 13: Issued 5,900 common shares for $6 per share. Journal Entry Date Feb. 13 He Statement Accounts Assets Current assets Property and equipment, net Total assets. Liabilities and Equity Liabilities. Shareholders' equity $0.90 cumulative preferred shares, 300 shares issued Common shares, 6,700 shares issued Retained earnings Total liabilities and equity Print Debit Done S |$ $ Credit S 33,200 62,300 95,500 $ 37,700 4.500 24,300 29.000 95,500 X ***** Transactions During 2020, Elegant completed these transactions that affected shareholders' equity: Feb. 13 Issued 5,900 common shares for $6 per share. June 7 Declared the regular cash dividend on the preferred shares. July 24 Paid the cash dividend. Aug. 9 Nov. 20 Distributed a 12 percent stock dividend on the common shares. Market price of the common shares was $7 per share. Sold 200 common shares for $10 per share. Print Done Clear all Check answer Elegant Jewellery Limited reported the following summarized balance sheet at December 31, 2019 (Click the icon to view the statement.) i (Click the icon to view the transactions.) Requirements 1. Journalize Elegant's transactions. Explanations are not required. 2. Report Elegant Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was $25,000. Requirement 1. Journalize the transactions. (Record debits first, then credits. Explanations are not required.) February 13: Issued 5,900 common shares for $6 per share. Journal Entry Date Feb. 13 He Statement Accounts Assets Current assets Property and equipment, net Total assets. Liabilities and Equity Liabilities. Shareholders' equity $0.90 cumulative preferred shares, 300 shares issued Common shares, 6,700 shares issued Retained earnings Total liabilities and equity Print Debit Done S |$ $ Credit S 33,200 62,300 95,500 $ 37,700 4.500 24,300 29.000 95,500 X ***** Transactions During 2020, Elegant completed these transactions that affected shareholders' equity: Feb. 13 Issued 5,900 common shares for $6 per share. June 7 Declared the regular cash dividend on the preferred shares. July 24 Paid the cash dividend. Aug. 9 Nov. 20 Distributed a 12 percent stock dividend on the common shares. Market price of the common shares was $7 per share. Sold 200 common shares for $10 per share. Print Done Clear all Check answer

Answer rating: 100% (QA)

Answer Requirement 1 Journal entries Date 13Feb 7Jun 24Jul 9Aug Accounts Ca... View the full answer