LP5 Chap 12 Solutions

LP5 Chap 12 Solutions - P12-26A (20-25 min) Journal Entry...

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P12-26A (20-25 min) Journal Entry Date Accounts Debit Credit Jan 16 Retained earnings 56,534 Dividends payable - preferred 4,284 Dividends payable - common 52,250 Feb 15 Dividends payable - preferred 4,284 Dividends payable - common 52,250 Cash 56,534 June 10 Split the common stock 2 for 1. 0 shares of $5 par common stock are o July 30 Retained earnings 475,000 Common stock 237,500 Paid-in capital in excess of par 237,500 Oct. 26 Treasury stock 45,000 Cash 45,000 Nov 8 Cash 30,000 Treasury stock 22,500 Paid-in capital from treasury stock t 7,500 Nov 30 Cash 13,500 Paid-in capital from treasury stock tran 7,500 Retained earnings 1,500 Treasury stock 22,500
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P12-28A (30-45 m Req. 1 Journal Entry Date Accounts Debit Credit Feb. 6 Retained earnings 52,000 Common stock 30,000 Paid-in capital in excess of par 22,000 Jul. 29 Treasury stock 52,000 Cash 52,000 Nov. 27 Retained earnings 6,000 Dividends Payable 6,000 Dec. 31 Income summary 86,000 Retained earnings 86,000 Req. 2 Patrick Management Consulting, Inc. Statement of Retained Earnings
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This note was uploaded on 02/21/2011 for the course AC 1160 taught by Professor Markmiller during the Winter '10 term at National American.

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LP5 Chap 12 Solutions - P12-26A (20-25 min) Journal Entry...

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