During the year, the following transactions occured JAWABAN

A. B.
Transaction Description DATE ACCOUNT NAME JV DEBIT CREDIT EXPLANATION CASH DIVIDEND CASH ORDINARY SHARE DIVIDENS DISTRIBUTABLE

Declared a $1 cash devidend per share to shareholders of record on January 31,

JV 1 payable February 15. 15-Jan CASH DIVIDEND JV 1 250,000
DECLARED CASH DIVIDEND 250,000 250,000 100,000
JV 2 Paid the dividend declared in January. DIVIDEND PAYABLE JV1 250,000 275,000 100,000
Declared a 10% share dividend to shareholders of record on April 30,
JV 3 distributable May 15. On April 15, the market price was $11 per share. 15-Feb DIVIDEND PAYABLE JV2 250,000
PAID DIVIDEND 325,000
JV4 Issued the shares for the share dividend. CASH JV2 250,000
Announced a 2-for-1 share split. The market price per share prior to the 15-Apr SHARE DIVIDEND JV3 275,000 DIVIDEND PAYABLE SHARE DIVIDENS INCOME SUMMARY
announcement was $12. (The new par value is $2). DECLAREDD 10% SHARE DIVIDEND
JV 5 Declared a $0,50 per share cash dividend to shareholders of record on December. ORDINARY SHARE DIVIDEND DISTRIBUTABLE JV3 100,000
15, payable January 10,2021 250,000 275,000 264,000
CLS Determined that net income for the year was $264.000 SHARE PREMIUM ORDINARY JV3 175,000 250,000 275,000
15-May ORDINARY SHARE DIVIDEND DISTRIBUTABLE JV4 100,000 ISSUED SHARE DIVIDEND 275,000
Instruction: SHARE CAPITAL-ORDINARY JV4 100,000 ini
A. Jornalize the transaction and the closing entries for net income and dividends. 1-Jul NO JOURNAL ENTRY NEEDED FOR SHARE SPLIT 2-FOR-1 SHARE SPLIT SHARE CAPITAL ORDINARY SHARE PREMIUM ORDINARY RETAINED EARNINGS
B. Enter the begining balance, and post the entries to the equity accounts. ( Note: Open addtional equity account as needed.) 1-Dec CASH DIVIDEND JV5 275,000 DECLARED $0,50 PER SHARE CASH DIVIDEND 100,000 175,000 264,000
C. Prepare an equity section at December 31. DIVIDEND PAYABLE JV5 275,000 600,000
31-Dec INCOME SUMMARY CLS1 264,000 CLOSE NET INCOME
RETAINED EARNINGS CLS1 264,000
RETAINED EARNINGS CLS2 600,000 CLOSE DIVIDEND ACCOUNTS BELGIUM INDUSTRIES
SHARE DIVIDEND CLS2 275,000 C. STATEMENT OF FINANCIAL POSITION (partial)
` CASH DIVIDEND CLS2 325,000 Equity:
TOTAL 2,014,000 2,014,000 Share capital-ordinary, $2
par value, 550.000
1,100,000
Share issued and outstanding
Share-premium ordinary 375,000
Retained earnings 304,000
Total Equity 1,779,000