Share
Explore BrainMass

Journal Entries

# 7 needs to be put in journal entries.

7. THE STOCK HOLDERS EQUITY ACCOUNTS OF MALDEN ENTERPRISES INC WITH BALANCES ON JAN 1 OF THE CURRENT FISCAL YEAR ARE AS FOLLOWS.

COMMON STOCK STATED VALUE 20 DOLLARS

(20,000 SHARES AUTHORIZED 12,000 SHARES ISSUED) 240,000

PAID IN CAPITAL IN EXCESS OF STATED VALUE 60,000

APPROPRIATION FOR CONTINGENCIES 35,000

APPROPRIATION FOR TREASURY STOCK 17,000

RETAINED EARNINGS 140,000

TREASURY STOCK (600 SHARES AT COST) 17,000

8. tHE FOLLOWING NEED TO BE PUT IN T ACCOUNTS

JAN 15 PAID DIVIDEND OF 0.50 PER SHARE ON THE COMMON STOCK. THE DIVIDENDS HAD BEEN RECORDED WHEN DECLARED ON DEC 20 TH OF THE PRECEEDING FISCAL YEAR

MAR 20 SOLD ALL TREASURY STOCK FOR 21,000 CASH

APR 9 ISSUES 2000 SHARES OF COMMON STOCK FOR 72,000 IN CASH

APR 9 RECEIVED LAND WITH AN ESTIMATED FAIR MARKET VALUE OF 25,000 FROM THE MADISON CITY COUNCILAS A DONATION

JUNE 20 DECLARED 5% STOCK DIVIDEND ON COMMON STOCK TO BE CAPITILIZED AT THE MARKET PRICE OF THE STOCK WHICH IS 35 A SHARE

JULY 10TH ISSUED THE CERTIFICATES FOR THE DIVIDEND DECLARED ON JUNE 20TH

NOV 2 PURCHASED 1000 SHARES OF TREASURY STOCK FOR 34,000

DEC 15 DECLARED A 50 CENT PER SHARE DIVIDEND ON COMMON STOCK

DEC 15 THE BOARD AUTHORIZED THE INCREASE OF THE APPROPRIATION FOR CONTINGENCES BY 20,000

DEC 15 INCREASED THE APPROPRIATION FOR TREASURY STOCK TO 34,000

DEC 31 CLOSED THE CREDIT BALANCE OF THE INCOME SUMMARY ACCOUNT, 87,540

Solution Summary

The solution explains various journal entries relating to shareholders equity

$2.19