1. Journalize the following transactions: (a) Issued 1,000 shares of $10 par common stock at$59 for cash. (b) Issued 1,400 shares of $10 par common stock in exchange for equipmentwith a fair market price of $60,000. (c) Purchased 100 shares of treasury stock at $32. (d)Sold the 100 shares of treasury stock purchased in (c) at $42.

Journal entries are made to record the transactions as the first process in the books of accounts…

Answered: 1. Journalize the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare the journal entry to record Jevonte Company's issuance of 41,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $19 cash per share. b. $3 stated value and sell for $19 cash per share. View transaction list Journal entry worksheet < 1 Record the issuance of 41,000 shares of common stock assuming the shares have a $3 par value and sell for $19 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.
Prepare entries to record the following:(a) Issued 1,000 shares of $10 par common stock at $56.(b) Purchased 100 shares of treasury stock at $25.
MJH Company issued 500 shares of stock with a par value of $10 per share for land valued at $20,000. The entry to journalize this would include: a credit to paid in capital in excess of par of $15,000 All of the above a debit to land of $20,000 a credit to common stock of $5000
Bandit, Inc., issued for $19 per share 5,000 shares of $10 par value common stock. The entry to record this transaction includes: Select one: a. Increase Cash for 95,000; and increase Common Stock for 95,000 b. Increase Cash for 95,000; increase Common Stock for 50,000 and increase Paid-in Capital in Excess of Par Value for 45,000 c. Increase Cash for 95,000; increase Common Stock for 50,000 and increase Retained Earnings for 45,000 d. Increase Cash for 95,000; increase Common Stock for 50,000 and increase Gain on Sale of Stock for 45,000 e. None of the above
D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.
Prepare journal entries to record the following four separate issuances of stock. 1. Issued 80 shares of $5 par value common stock for $700 cash. 2. Issued 40 shares of no-par common stock to promoters in exchange for their efforts, estimated to be worth $800. The stock has a $1 per share stated value. 3. Issued 40 shares of no-par common stock in exchange for land estimated to be worth $800. The stock has no stated value. 4. Issued 20 shares of no-par common stock with a stated value of $30 per share for $900 cash.
Record entries for each of the following separate issuances of stock. 1. Exchanged 2,350 shares of $50 par value preferred stock for a building with a market value of $150,000. 2. Issued 1,700 shares of $50 par value preferred stock for $50 cash per share. 3. Issued 1,150 shares of $50 par value preferred stock at $54 cash per share. View transaction list A Exchanged 2,350 shares of $50 par value preferred stock for a building with a market value of $150,000. B Issued 1,700 shares of $50 par value preferred stock for $50 cash per share. C Issued 1,150 shares of $50 par value preferred stock at $54 cash per share. Note : = journal entry has been entered X g with a ebit Credit
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