Nav Go enterprises journal entries for stocks, etc. Required: 1. The January 1 b

Question

Nav Go enterprises journal entries for stocks, etc.

Required:

1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate.

2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320.

Mar. 15. Sold all of the treasury stock for $6.75 per share.

Apr. 13. Issued 200,000 shares of common stock for $8 per share.

June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share.

July 16. Issued the certificates for the dividend declared on June 14.

Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share.

Dec. 30. Declared a $0.08-per-share dividend on common stock.

Dec. 31. Closed the credit balance of the income summary account, $775,000.

Dec. 31. Closed the two dividends accounts to Retained Earnings.

3. Prepare a retained earnings statement for the year ended December 31, 2014.

4. Prepare the Stockholders' Equity section of the December 31, 2014, balance sheet.

Date Account Debit Credit Jan. 15 Date Account Debit Credit Mar. 15 Date Account Debit Credit Apr. 13 Date Account Debit Credit June 14 Date Account Debit Credit July 16 Date Account Debit Credit Oct. 30 Date Account Debit Credit Dec. 30 Date Account Debit Credit Dec. 31 Date Account Debit Credit Dec. 31 Nav-Go Enterprises Inc.
Retained Earnings Statement
For the Year Ended December 31, 2014 Nav-Go Enterprises Inc.
Stockholders' Equity
As of December 31, 2014 Paid-In-Capital:   Total Paid-In Capital Total Total Stockholders' Equity

Explanation / Answer

Ans-

Common Stock Jan. 1 Bal. 3,100,000 Apr. 13 1,000,000 Jun. 14 123,000 Dec. 31 Bal. 4,223,000 Paid-In Capital in Excess of Stated Value Jan. 1 Bal. 1,240,000 Apr. 13 600,000 June 14 61,500 Dec. 31 Bal. 1,901,500 Retained Earnings Dec. 31 542,070 Jan. 1 Bal. 4,875,000 Dec. 31 775,000 Dec. 31 Bal. 5,107,930 Treasury Stock Jan. 1 Bal. 288,000 Mar. 15 288,000 Oct. 30                300,000 Dec. 31 Bal. 300,000 Paid-In Capital from Sale of Treasury Stock Mar. 15 36,000 Stock Dividends Distributable June 14 184,500 June 14 184,500 Stock Dividends June 14 123,000 Dec. 31 123,000 Cash Dividends Dec. 30 357,570 Dec. 31 357,570

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