On January 1, 2014, Agassi Corporation had the following stockholders’ equity ac
ID: 2419627 • Letter: O
Question
On January 1, 2014, Agassi Corporation had the following stockholders’ equity accounts.
During 2014, the following transactions occurred.
PLEASE POPULATE THE CHART BELOW USING THE DATA ABOVE.
Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 13, 2014
Apr. 15, 2014
May 15, 2014
Nov. 15, 2014
Dec. 31, 2014
Open Show Work
Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000 Paid-in Capital in Excess of Par—Common Stock 502,000 Retained Earnings 605,000Explanation / Answer
Date Title Debit credit Jan 15 Dividend paid 52500 cash 52500 [being dividend paid] [50000*1.05] apr 15 Retained earning [50000*.10 = 5000shares* 13] 65000 Common stock [5000*10] 50000 Additional paid in capital [5000*3] 15000 [being stock dividend declard and paid] may 15 Treasury stock 32000 cash 32000 [being shares reacquired] nov 15 cash [1000*19] 19000 Treasury stock [1000*16] 16000 Additional paid in capital -Treasury stock [1000*3] 3000 [being treasury stock reissued] dec 31 Income summary 366000 Retained earning 366000 [being Net Income closed ]
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