Reference no: EM132519327
Below is the unadjusted trial balance of Johnson Corporation as at 31 December 2019:
Johnson Corporation
Unadjusted Trial Balance
31 December 2019
Debit$ Credit$
Cash 966,525
Office supplies 10,500
Accounts receivable 477,750
Prepaid rent 67,725
Equipment 131,250
Accumulated depreciation: Equipment 13,650
Land and building 2,586,150
Accounts payable 68,250
Dividend payable 57,750
Ordinary share capital (par value $5 per share) 3,000,000
Share premium 75,000
Treasury shares (acquired at $11 each) 404,250
Retained earnings 378,000
Dividends 57,750
Service revenues 1,755,000
Operating expenses 645,750
TOTAL 5,347,650 5,347,650
Johnson Corporation closes its books annually on 31 December. It keeps only ONE share premium account to record any related transactions. After preparing the above unadjusted Trial Balance, the accountant of Johnson found that he had omitted the following transactions:
1. 1 December issued 1,000, 5% preference shares of $100 par value at a price of $105 per share.
2. 5 December sold 11,000 of its treasury shares at $ 10 per share.
3. 20 December - sold 15,000 of its treasury shares at $12 per share.
4. On 31 December, the Board of Directors declared to pay a final dividend of $0.2 per ordinary share. All dividends that Johnson owed to its shareholders were paid out on the same day.
Required:
Question (a) Journalize the above transactions. No explanation is required.
Question (b) What is the balance of Retained Earnings after the 2019 year-end closing?
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