Generalized Statement Instructions Accounts and Statements Retained Earnings Acc

Question

Generalized Statement Instructions Accounts and Statements Retained Earnings Accounts Instructions Retained Earnings Accounts and Statement 1. Prepare journal entries for the transactions If an amount box does not require an entry, leave it blank. 2. Post all entries afecting the retained earnings accounts to T accounts. 3. Prepare a statement of retained earnings for the year ended December 31, 20- On January 1, 20-, Glover Company's retained earnings accounts had the following balances: Appropriated for land acquisition 54,000 Unappropriated retained earnings 949,000 $1,003,000 ring the year ended December 31, 20-, Glover completed the following selected transactions: Mar. 20 Declared a semiannual dividend of $0.8 per share on preferred stock and $0.2 per share on common stock to shan Apr. 15 Paid the cash dividends Oct. 10 Declared semiannual dividend of $0.8 per share on preferred stock and $0.2 per share on common stock to shareholders of record on Novem eholders of record on Apri 10, payable of $5 par common stock are outstanding payable on November 10

Explanation / Answer

1) Journal Entries

Date Accounts Titles Debit $ Credit $ 20-Mar Preferred dividend 8000 Cash dividend 20000 Preferred dividend payable 8000 Dividend payable 20000 15-Apr Preferred dividend payable 8000 Dividend payable 20000 Cash 28000 10-Oct Preferred dividend 8000 Cash dividend 20000 Preferred dividend payable 8000 Dividend payable 20000 10-Nov Preferred dividend payable 8000 Dividend payable 20000 Cash 28000 17-Nov Stock dividend 85000 common stock distibutable 25000 Paid in capital in excess of par - common 60000 15-Dec common stock distibutable 25000 Common stock   25000 31-Dec Income Summary 295000 Retained Earnings 295000 31-Dec Retained Earnings 141000 Preferred dividend 16000 Cash dividend 40000 Stock dividend 85000

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