All I need is the journal entries for A, B, C, and D please Name: I/U Acct2301 C

Question

All I need is the journal entries for A, B, C, and D please

Name: I/U Acct2301 Chapter 1l0 Professon: On January 1, 20A, the accounts of Mac Corporation showed the following: Common Stock, par S$1, authorized 100,000 shares Capital in excess of par value ($2 per share) Retained Earnings $60,000 S140,000 During 20A, the following transactions affecting stockholders' equity occurred (in the order given) A. Issued a 10% stock dividend when the market price was at $5 per share B. Purchased treasury stock, 1,000 shares at a total cost of $8,000 C. Declared and paid cash dividends, $20,000 D. Net income for 20A, $25,000 Required The stockholders' equity section of the balance sheet for the company must be prepared for the December 31, 20A balance sheet. It is given below with certain amounts missing Supply the missing amounts by entering them in the blanks STOCKHOLDER'S EQUITY Common Stock, par $1, authorized shares 100,000 shares, issued L. $ Capital in Excess of Par Value Total Contributed Capital Retained Earnings Total Stockholders' Equity before Treasury Stock" $ Treasury Stock, shares h0 Total Stockholders' equity 115,ooo".

Explanation / Answer

Journal entries: S.no. Accounts title and explanations Debit $ Credit $ A. Retained earnings Account Dr. 15000      Common Stock Distributable Account 3000      Paid in capital- In excess of par Account 12000 Common Stock distributable Account Dr. 3000      Common Stock Capital account 3000 B. Treasury stock Account Dr. 8000     Cash account 8000 C. Dividend Account Dr. 20000      Cash account 20000 Retained earnings Account Dr. 20000     Dividend Account 20000 D. Income Summary Account Dr. 25000     Retained earnings Account 25000

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