Record the following transactions for the company ABC in the general journal and show the general...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Record the following transactions for the company ABC in the general journal and show the general ledger account (T) for the retained earnings only. The beginning balance of the retained earnings was $2000,000 The following transactions: 1) The Profit for the year was $1,500,000 closed in the retained earnings (record the closing entry) 2) Company transferred an amount of $100,000 from the retained earnings to the reserve account for future use. 3) Three years ago the company allocated an amount of $20,000 as reserve for the exchange fluctuation, no longer required 4) Cash dividends paid from the retained earnings account $200,000 5) In the meeting board of directors recommended dividends to be paid within 6 months of $50,000 Record the following transactions for the company ABC in the general journal and show the general ledger account (T) for the retained earnings only. The beginning balance of the retained earnings was $2000,000 The following transactions: 1) The Profit for the year was $1,500,000 closed in the retained earnings (record the closing entry) 2) Company transferred an amount of $100,000 from the retained earnings to the reserve account for future use. 3) Three years ago the company allocated an amount of $20,000 as reserve for the exchange fluctuation, no longer required 4) Cash dividends paid from the retained earnings account $200,000 5) In the meeting board of directors recommended dividends to be paid within 6 months of $50,000
Expert Answer:
Answer rating: 100% (QA)
Date 1 3 4 General Journal Account Titles and Expalana... View the full answer
Related Book For
Business Communication
ISBN: 978-1439080153
8th edition
Authors: Buddy Krizan, Patricia Merrier, Joyce P. Logan, Karen Schneiter Williams
Posted Date:
Students also viewed these accounting questions
-
Mary is the manager of Alpha company in grocery industry. The major role of Alpha Company is working a grocery distributor though the company also produces some products. There are 4 products A, B, C...
-
Company officials searching for a way to avoid bankruptcy raised cash with off-the-balance-sheet loans and overstated results by inflating capital expenses and hiding debt. The companys stock traded...
-
The creditors of Sara Delano have petitioned for involuntary bankruptcy proceedings against her. Delano has been consistently paying her obligations on time for the past year. However, business was...
-
The Secretary of Defense shall establish which program to maintain liaison with industry advisory groups to coordinate the development of the supply catalog?
-
What is the purpose of awarding damages for breach of contract?
-
Water is entering at a rate of t3cm3/s. Suppose water is entering a series of vessels at the given rate. In each case, find the total amount of water entering during the first second, and the average...
-
What is meant by a financial forecast under Statement on Standards for Attestation Engagements No. I, "Attestation Standards" (AT Section 200, entitled "Financial Forecasts and Projections")? a. A...
-
The marginal loss on Washington Reds, a brand of apples from the state of Washington, is $35 per case. The marginal profit is $15 per case. During the past year, the mean sales of Washington Reds in...
-
A hiker walks 27.0 km from her base camp at 35 south of east. The next day, she walks 41.0 km in a direction 65 north of east and discovers a forest
-
From the information in BE5.4, prepare the journal entries to record these transactions on McLeena Companys books under a perpetual inventory system. Data From BE 5.4 Prepare the journal entries to...
-
For the following activity, explain which of the objectives of managerial accounting activity is/are involved: Measuring the following costs incurred during one month in a hotel: (1) wages of...
-
Correlation between height and weight for players on the 2014 Brazil World Cup Team, using data from all 23 players on the roster. State whether the quantity described is a parameter or a statistic...
-
A growing, profitable internal medicine practice of 10 physicians, 2 physician assistants, a physical therapist, and a massage therapist is located in a city of 150,000 people. The clinical personnel...
-
University Healthcare System (UHS) has been a major player and been successful for over 100 years in a large west coast metropolitan area. It operates an EMS system, is a Level 1 trauma facility, is...
-
If \(A\) and \(B\) are mutually exclusive events, \(P(A)=0.45\), and \(P(B)=0.30\), find (a) \(P(\bar{A})\); (b) \(P(A \cup B)\); (c) \(P(A \cap \bar{B})\); (d) \(P(\bar{A} \cap \bar{B})\).
-
One of the many wonderful things about studying statistics is that graduate programs in statistics often pay their graduate students, which means that many graduate students in statistics are able to...
-
Sales plan steps for apple company 1- Making the sales call Describe what you will do exactly in the sales call from the beginning of the meeting till the end. imagine some scenarios. use the...
-
A researcher reports a significant two-way between-subjects ANOVA, F(3, 40) = 2.96. State the decision to retain or reject the null hypothesis for this test.
-
Compare written and oral messages on the factors listed below. Which type of message earns the higher rating? Why? a) Ability to be edited b) Permanence c) Tone d) Feedback
-
Identify at least five soft skills that employers are seeking in their prospective employees.
-
For each of the following situations, indicate whether the direct or the indirect organizational plan would be more appropriate and why. a) One of your sales representatives applied for the district...
-
You work in the customer relations department of a company that makes plumbing supplies. The head of product development has just handed you the draft of installation instructions for a sliding tub...
-
Form small groups for this exercise on claim and adjustment letters. Have each member of your group study the following two letters. Meet and discuss your reactions to the two letters. How...
-
Study the excerpt from the Micron data flyer (2010, p. 9). Describe the designers use of alignment as a design principle. How effective is it? How would you modify it? Present your analysis and...
Study smarter with the SolutionInn App