Explore our Solution Library

Number of Views - 1949 195

American Public University Operations And Supply Chain Management Assignment Help - Accounting


Question - At September 30, the end of Excel Company's third quarter, the following stockholders' equity
accounts are reported.
Common stock, $12 par value $ 720,000
Paid-in capital in excess of par value, common stock 180,000
Retained earnings 640,000


In the fourth quarter, the following entries related to its equity are recorded.
Date General Journal Debit Credit
Oct. 2 Retained Earnings 120,000
Common Dividend Payable 120,000
Oct.
25 Common Dividend Payable 120,000
Cash 120,000
Oct.
31 Retained Earnings 150,000
Common Stock Dividend Distributable 72,000
Paid-In Capital in Excess of Par Value, Common Stock 78,000
Nov. 5 Common Stock Dividend Distributable 72,000
Common Stock, $12 Par Value 72,000
Dec. 1 Memo"Cha ...Read More

Solution Preview - No Solution Preview Available

Found What You Need?

Scroll down to find more if you need to find our more features