1 nts eBook Ask Print References Mc -raw Will Smith Company reports the following components of stockholders' equity on

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1 nts eBook Ask Print References Mc -raw Will Smith Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Requirement During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 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 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 General Journal Hep Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. General Ledger October 28 Paid the dividend declared on September 5. December 31 Closed the $338,500 credit balance (from net income) in the Incone Summary account to Retained Earnings. Trial Balance Save & Exit Submit Check my work Statement of Stockholders RE Equity < Prev Impact on Equity $ 400, 60, 330, $ 798, During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. Inurnal antru le ramurad calort "No incimal entry ramired in the firet innet hav 1 of 1 Next >

SU Guy WVIROHIGUL < 1 2 3 Paid the dividend declared on January 5. Note: Enter debits before credits. 4 Record entry Date February 28 Common dividend payable Cash Account Title 5 6 7 8 Clear entry Debit 72,000 Credit 72,000 Help View general journal

1 2 Date July 06 lote: Enter debits before credits. 3 Sold 2,000 of its treasury shares at $27 cash per share. Cash Record entry B 5 6 7 8 Account Title Treasury stock, Common Paid-in capital, Treasury stock Clear entry Debit 36,000 Credit 30,000 6,000 View general journal

< 1 2 VineriteL Date August 22 3 Note: Enter debits before credits. 4 5 Sold 2,000 of its treasury shares at $19 cash per share. 6 7 8 Account Title Debit Credit

< a cry 1 2 VIROCOL Date September 05 3 Note: Enter debits before credits. 4 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 7 8 Account Title Debit Credit

3 Note: Enter debits before credits. Date October 28 4 Paid the dividend declared on September 5. 5 Account Title 6 78 8 Debit Credit

1 2 3 Date December 31 te: Enter debits before credits. COL 4 Closed the $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. 5 6 7 8 Account Title Debit Credit View general journal

Requirement General Journal General Ledger SMITH CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings Add: Net income Prepare the Statement of Retained Earnings for Smith Corporation for th Less: Cash dividends declared Ending retained earnings Trial Balance $ 0 0 Statement of RE < Trial Balance Sto

Trial Balance Statement of Stockholders Impact on RE Equity Equity Prepare the stockholders' equity section of Smith Corporation's balance sheet as of December 31. Dates: January 01 Requirement General Journal General Ledger SMITH 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 Total stockholders' equity < $ Statement of RE 0 0 Impact on Equity > to: January 01

Total Stockholders' Equity - January 1 January 2) Purchased 4,000 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 2,000 of its treasury shares at $27 cash per share. August 22) Sold 2,000 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 $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Impact on equity Dates: January 01