Prepare journal entries to account for the transactions

Assignment Help Financial Accounting

Reference no: EM132711236

XYZ Corporation had the following balances in its equity accounts at December 31, 20

Common Shares , unlimited shares authorised 25000 shares issued and outstanding $200,000

Retained earning 235,000

During 2015, the following equity transactions occurred:

a. April 24 : The board of directors declared a 3:1 share split on this date.

b. September 15 : A 10% share dividend was declared when the market value was $15 per share, to be paid on December 17.

c. December 17 : Date of distribution regarding the 10% share dividend.

d. December 31 : Closed the dividend account.

e. December 31 : Closed the Income summary account. A net income of $30,000 was recorded.

Your solution was:

Problem a) Prepare journal entries to account for the transactions during 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

Problem b) Prepare the company's statement of changes in equity for the year ended December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number.

Problem c) Prepare the company's equity section of the balance sheet for the year ended December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number.

Reference no: EM132711236

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