Hello can someone do the t account im so stuck! January 1,2014 balances are as f

Question

Hello can someone do the t account im so stuck!

January 1,2014 balances are as follows:

Share capital-ordinary, $20 stated value (500 000 shares authorized, 375 000 issued) ...... $7 500 000

Share premium-ordinary ......... $825 000

Retained earnings ........ $33 600 000

Treasury shares (25 000 shares, at cost) ...... 450 000

Question 1. Enter january 1 balances in T accounts for the equity accounts listed. Also prepare T accounts for the following: share premium from sale of treasury share; stock dividends distributable; stock dividends; cash dividends.

Explanation / Answer

Share capital Ordinary Date Explanations Ref. Debit Credit Balance 1-Jan Balance $7,500,000 Share premium-ordinary Date Explanations Ref. Debit Credit Balance 1-Jan Balance $825,000 Retained Earnings Date Explanations Ref. Debit Credit Balance 1-Jan Balance $33,600,000 Treasury shares Date Explanations Ref. Debit Credit Balance $450,000

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