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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
At September 30, the end of Excel Company's third quarter, the following stockholders' equity accounts are reported.
 | ||
Common stock, $12 par value | $ | 720,000 |
Paid-in capital in excess of par value, common stock | Â | 180,000 |
Retained earnings | Â | 640,000 |
Â
In the fourth quarter, the following entries related to its equity are recorded. |
 |
Date | General Journal | Debit | Credit |
Oct. 2 | Retained Earnings | 120,000 | Â |
 | Common Dividend Payable |  | 120,000 |
 |  |  |  |
Oct. 25 | Common Dividend Payable | 120,000 | Â |
 | Cash |  | 120,000 |
 |  |  |  |
Oct. 31 | Retained Earnings | 150,000 | Â |
 | Common Stock Dividend Distributable |  | 72,000 |
 | Paid-In Capital in Excess of Par Value, Common Stock |  | 78,000 |
 |  |  |  |
Nov. 5 | Common Stock Dividend Distributable | 72,000 | Â |
 | Common Stock, $12 Par Value |  | 72,000 |
 |  |  |  |
Dec. 1 | Memo"Change the title of the common stock account to reflect the new par value of $4. | Â | Â |
 |  |  |  |
Dec. 31 | Income Summary | 420,000 | Â |
 | Retained Earnings |  | 420,000 |
Â
Required: | |
2. |
Complete the following table showing the equity account balances at each indicated date (include the balances from September 30). (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) |
Â
 |  | Oct. 2 |  | Oct. 25 |  | Oct. 31 |  | Nov. 5 |  | Dec. 1 |  | Dec. 31 |  |
Common stock | Â | $ | Â | $ | Â | $ | Â | $ | Â | $ | Â | $ | Â |
Common stock dividend distributable | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Paid-in capital in excess of par, common stock | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Retained earnings | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
 |  |  |  |  |  |  |  | ||||||
Total equity | Â | $ | Â | $ | Â | $ | Â | $ | Â | $ | Â | $ |
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