Homework Answers
Solution 15-9:
| Journal Entries | ||||
| Date | Account Title and Explanation | Debit | Credit | |
| 1 | 01-Aug | Treasury Stock Dr (200*$80) | $16,000 | |
| To Cash | $16,000 | |||
| (To record purchase from Stockholders) | ||||
| 2 | 01-Nov | Cash Dr (200*$70) | $14,000 | |
| Retained Earnings Dr | $2,000 | |||
| To Treasury Stock (200 *$80) | $16,000 | |||
Solution 15-10:
| Journal Entry | ||||
| 1 | 01-Aug | Cash Dividend Dr ($1.00*2,000,000) | $20,00,000 | |
| To Dividend Payable | $20,00,000 | |||
| 2 | 15-Aug | No Journal Entry required | ||
| 3 | 09-Sep | Dividend Payable Dr | $20,00,000 | |
| To Cash | $20,00,000 | |||
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(1) Prepare the
Journal Entries for the above transactions.
(2) Prepare the
Statement of Retained Earnings (In Good Form) as of
12/31/17.
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