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ACC 206 Week 1- P13-25A


ACC 206 Week 1- P13-25A fin571

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ACC 206 Week 1- P13-25A
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 23 views.


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Date Created: 11/11/15
P1325A Lennox Health Foods ACC206 Principles of Accounting AU P1325A ejournalizing dividend and treasury stock transactions and preparing stockholders39 equity 10 30 min The balance sheet of Lennox Health Foods at December 31 2011 reported 120000 shares of nopar common stock authorized with 25000 shares issued and a Common stock balance of 190000 Retained earnings had a balance of 115000 During 2012 the company completed the following selected transactions Mar 15 Purchased 9000 shares of treasury stock at 8 per share Apr 30 Distributed a 10 stock dividend on the outstanding shares of common stock The market value of common stock was 9 per share Dec 31 Earned net income of 110000 during the year Closed net income to Retained earnings Requirements 1 Record the transactions in the general journal Explanations are not required 2 Prepare the stockholders equity section of Lennox Health Foods balance sheet at December 31 2012 1030 min P 1325A Req 1 Journal Entry POST DATE ACCOUNTS AND EXPLANATIONS REF DEBIT CREDIT 2012 Mar 15 Treasury stock 9000 at 8 72000 Cash 72000 Apr 30 Retained earnings 16000 x 10 at 9 14400 Common stock 14400 Dec 31 Income summary 110000 Retained earnings 110000 25000 9000 treasury 16000 shares outstanding Req 2 Stockholders Equity at December 31 2012 Paidin capital Common stock nopar 120000 shares authorized 26600 shares issued 190000 14400 204400 Total paidin capital 204400 Retained earnings 115000 14400 110000 210600 Treasury stock common 9000 shares at cost 72000 Total stockholders equity 343000 25000 1600 25000 9000 x 10 26600 shares


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