If the company had the following transaction and information during the year 1. Show the double journal entries as Debit and credit separately for all below 7 statements and fill them in the given table.

1. The Company issued 100 shares for $5 for each (par value $3).

2. The Company declared the dividend, which was $28.

3. The Company increased one of his property value from $300 to $324.

4. The Company purchased inventory on credit $70

5. The Company paid back the long term loan: $120

6. The Company purchased treasury shares: $18

7. The Company had a net loss ($291)

Question: What would be the closing balance for the table?
 

Transcribed Image Text:

Share Capital Share Retained Revaluation Total Treasury Shares Premium Earnings Surplus Opening Balance Total Comprehensive Income Declared Dividend Share issued Purchase Treasury Shares Closing Balance Share Capital Share Retained Revaluation Total Treasury Shares Premium Earnings Surplus Opening Balance Total Comprehensive Income Declared Dividend Share issued Purchase Treasury Shares Closing Balance

Answer rating: 100% (QA)

Date Account Title Debit Credit 1 Cash 500 100 X 5 Share Capital 300 100 X 3 Share Pre... View the full answer