Answer Happy

During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January S. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5, December 31 Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Answer is not complete. Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journali ad colort in fnccpertantos ramisland in the first innov V

During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. Account Title No 1 2 3 4 5 Date January 021 January 05 February 20 July 06 August 22 Treasury stock, Common Cash Retained earnings Common dividend payable Common dividend payable Cash Cash Treasury stock, Common Paid-in capital. Treasury stock Cash < Prev 1 of 1 O 30 ♥ 00 00 000 90 Debit 115,000 Next > Credit 115,000

4 5 6 7 8 July 06 August 22 September 05 October 28 December 31 Cash Treasury stock, Common Paid-in capital, Treasury stock Cash Paid-in capital, Treasury stock Retained earnings Common dividend payable Common dividend payable Cash Income summary Retained earnings < Requirement 303 >> 00 ♥ ›› General Ledger >

General Journal Requirement Statement of Stockholders RE Impact on Equity Equity Prepare the Statement of Retained Earnings for OnPoint Corporation for the year ended December 31. General Ledger ONPOINT CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings Add Net income Less Cash dividends declared Ending retained earnings Trial Balance 0 0 < Trial Balance Stockholders Equity >

General Impact on Equity Ledger Prepare the stockholders' equity section of OnPoint Corporation's balance sheet as of December 31. Dates: January 01 Requirement General Journal Trial Balance ONPOINT CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock-$10 par value Paid in capital in excess of par value, common stock Total contributed capital Retained earnings Total stockholders' equity $ Statement of Stockholders RE Equity < Statement of RE 0 0 Impact on Equity > to: January 01

Total Stockholders' Equity - January 1 January 2) Purchased 5,000 shares of its own stock at $23 cash per share. January 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record February 28) Paid the dividend declared on January 5 July 6) Sold 2,500 of its treasury shares at $27 cash per share August 22) Sold 2.500 of its treasury shares at $19 cash per share. September 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record October 28) Paid the dividend declared on September 5 December 31) Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings Impact on equity Stockholders' equity decreased Stockholders' equity decreased No change in total equity Stockholders' equity increased Stockholders' equity increased Stockholders' equity decreased No change in total equity Stockholders' equity increased Dates: January 01 S to: January 01

bok Ak int ences GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 OnPoint Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share.. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share.. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Ledger Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no- Requirement $500,000 75,000 410,000 $ 985,000 General Journal Trial Balance Statement of Stockholders RE Equity

ook ck int ences Requirement No. C Date January 01 1 January 02 No. No. No. Journal Date January 01 Date January 01 Date Cash Debit Ledger AUTOMAT Equipment Debit Credit Trial Balance Common stock Debit Credit 115,000 Retained earnings Debit Credit Credit General Ledger Account Balance 360,000 245,000 Balance 670,000 Balance 500,000 RE Balance No. No. No. No. Equity Equity Dates: January 01 Date January 01 Date January 01 ate January 01 Accumulated depreciation Equipment Credit Date Accounts receivable Debit to: January 01 Debit Credit Paid in capital, Common Debit Credit Debit Treasury stock, Common Credit Balance 170,000 Balance 61,000 Balance- 75,000 Balance

es No. No. No. No. January 02 Date January 01 Date January 01 Date January 01 Date January 01 Equipment Debit Common stock Debit Credit 115,000 Credit Retained earnings Debit Credit Income summary Debit Credit 245,000 Balance 670,000 Balance 500,000 Balance 410,000 Balance (154,000) General Journal No. No. No. P Accumulated depreciation Equipment Debit Credit Date January 01 Date January 01 Paid in capital, Common Debit Credit Date January 011 1 January 02 Trial Balance > Treasury stock, Common Debit Credit 115,000 Balance 61,000 Balance 75,000 Balance 0 115,000

ces Requirement General Journal Total General Ledger Cash Accounts receivable Equipment Accumulated depreciation - Equipment Common stock Paid-in capital, Common Retained earnings Treasury stock, Common Income summary Trial Balance Account Title Statement of RE < General Ledger Stockholders Equity ONPOINT CORPORATION Trial Balance: January 01, 2021 Impact on Equity Dates: January 01 Statement of RE > $ Debit HOM $ to: January 01 245,000 170,000 670,000 115,000 1,200,000 $ Credit 61,000 500,000 75,000 410,000 154,000 1,200,000