Question: please help!!! Problem 11-3A (Algo) Equity analysis-journal entries and account balances LO P2 At September 30, the end of Beijing Company's third quarter, the following
Problem 11-3A (Algo) Equity analysis-journal entries and account balances LO P2 At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Connon stock, $12 par value Paid-in capital in excess of par value, common stock $420,000 100,000 360,000 Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit October 2 Retained Earnings 70,000 Common Dividend Payable 70,000 October 25 Common Dividend Payable Cash 70,000 October 31 Retained Earnings Common Stock Dividend Distributable 30,000 33,000 Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable November 5 30,000 Common Stock, $12 Par Value 30,000 December 1 Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary December 31 290,000 Retained Earnings. 290,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. September 30 Beginning Balance October 2 October 25 October 31 Common stock $ 420,000 Common stock dividend distributable Paid-in capital in excess of par, common stock $ 100,000 Retained earnings $ 360,000 Total equity $ 880,000 $ 0 $ 0 $ 70,000 63,000 0 $ 13 of 18
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
