Comprehensive Included in the December 31, 2012, Jacobi Company balance sheet wa

Question

Comprehensive

Included in the December 31, 2012, Jacobi Company balance sheet was the following shareholders' equity section:

The company engaged in the following stock transactions during 2013:

Required:

1. Prepare journal entries to record the preceding transactions. If a memo entry is required, select "Memo entry" from dropdown and leave the amount box blank or enter "0". For a compound transaction, if an amount box does not require an entry, leave it blank.

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1. Prepare journal entries to record the preceding transactions. If a memo entry is required, select "Memo entry" from dropdown and leave the amount box blank or enter "0". For a compound transaction, if an amount box does not require an entry, leave it blank.

Explanation / Answer

Journal entries

Date Account titles and explanations Debit($) Credit($) Jan 4 Retained earnings 54000 cash 54000 (for payment of dividend) Jan 5 Cash 55000 Preferred stock 50000 Additional paid in capital on preffered stock 5000 Jan 22 cash 92000 common stock 20000 Additional paid in capital on common stock 72000 Apr 2 Cash 16800 Treasury stock 14000 Additional paid in capital on common stock 2800 June 29 Retained earnings 17000 Common stock (17000/25)x5 3400 Additional paid in capital on common stock 13600 July 5 Retained earnings 12500 Cash 12500 july 20 Commons stock ($5) 170000 common stock ($2.50) 170000 dec 3 Retained earnings 2250 cash 2250

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