Moscow Jewelry Company reported the following summarized balance sheet at December? 31, 2018- During
Moscow Jewelry Company reported the following summarized balance sheet at December 31, 2018-
During 2019, Moscow Jewelry completed these transactions that affected stockholders' equity:
Here are the requirements-
Requirement 1. Journalize Moscow Jewelry's transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Feb 13: Issued 5,500 shares of common stock for $8 per share. Journal Entry Date Accounts Debit Credit (1) Feb 13 (2) (3) (4) Jun 7: Declared the regular cash dividend on the preferred stock. Journal Entry Accounts Credit Date Debit (5) Jun 7 |(6) (7) (8) Jun 24: Paid the cash dividend. Journal Entry Date Accounts Debit Credit (9) Jun 24 |(10) (11) |(12) Aug 9: Declared and distributed a 10% stock dividend on the common stock. Market price of the common stock was $13 per share. Journal Entry Debit Credit Date Accounts (13) Aug 9 (14) (15) (16) Oct 26: Reacquired 500 shares of common stock as treasury stock, paying $15 per share. Journal Entry Credit Date Accounts Debit (17) Oct 26 (18) (19) (20) Nov 20: Sold 100 shares of the treasury stock for $19 per share. Journal Entry Debit Date Accounts Credit (21) Nov 20 (22) |(23) (24) Dec 31: Declared a cash dividend of $0.30 per share on the outstanding common stock; dividends will be paid in January, 2020. (Round your answer to the nearest whole dollar.) Journal Entry Date Credit Accounts Debit (25) Dec 31 (26) (27) (28) Requireme . Report tn anys stockholders' equity at December 31, 2019. Net income for 2019 was $26,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) 2 Moscow Jewelry Company Balance Sheet (partial) December 31, 2019 Stockholders' Equity: (29) (30) $ shares par (31) (32) $ shares par (33) shares (34) (35) Total paid-in capital (36) (38) (37) shares Total stockholders' equity Data Table Assets Amount Current assets $ 33,400 77,800 Property and equipment, net $ 111,200 Total assets Liabilities and Equity Liabilities 38,000 Stockholders' equity: $0.50 cumulative preferred stock, $10 par, 200 shares issued 2,000 Common stock, $5 par, 6,200 shares issued 31,000 Paid-in capital in excess of par-common 18,200 22,000 Retained earnings $ 111,200 Total liabilities and equity iMore Info Feb 13 Issued 5,500 shares of common stock for $8 per share. Declared the regular cash dividend on the preferred stock. Jun 7 Paid the cash dividend Declared and distributed a 10% stock dividend on the common stock 24 Aug 9 Market price of the common stock was $13 per share. Oct 26 Reacquired 500 shares of common stock as treasury stock, paying $15 per share. Nov 20 Sold 100 shares of the treasury stock for $19 per share. Dec 31 Declared a cash dividend of $0.30 per share on the outstanding common stock; dividends will be paid in January, 2020. Done Print Requirements are not required 1. Journalize Moscow Jewelry's transactions. Explanations 2. Report the company's stockholders' equity at December 31, 2019. Net income for 2019 was $26,000. Print Done
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