2- During its first year of operations, Sitwell SE had the following transactions pertaining to its ordinary shares. Jan. 10 Issued 80,000 shares for cash at €5 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for €30,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at €7 per share. Sept. 1 Issued 60,000 shares for cash at €11 per share. Instructions Prepare the journal entries for these transactions, assuming that the ordinary shares have a par value of €2 per share.

2- During its first year of operations, Sitwell SE had the following transactions pertaining to its ordinary shares. Jan. 10 Issued 80,000 shares for cash at €5 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for €30,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at €7 per share. Sept. 1 Issued 60,000 shares for cash at €11 per share. Instructions Prepare the journal entries for these transactions, assuming that the ordinary shares have a par value of €2 per share.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2020 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $32,000. Feb. 21 17,500 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $113,100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $320,000, $425,000, and $117,000, respectively. Required:Prepare journal entries.
Please do not give solution in image format ?
Ashvini
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Cre (a) > >
Sierra Corporation engaged in the following share transactions in the first quarter of their fiscal year: 19 Issued 5,500 common shares for cash of $11.50 per share. 3 Sold 2,500 $1.50 Class A preferred shares for $14,000 cash to new investors. Received inventory valued at $30,000 and vehicles with market value of $22,000 for 5,200 common shares. Jul. Aug. 11 Sep. 15 Issued 3,500 $2.00 Class B preferred shares for $14.00 per share. Required 1. Journalize the transactions. Explanations are not required. 2. How much contributed capital did these transactions generate for Sierra Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 19. Issued 5,500 common shares for cash of $11.50 per share. Journal Entry Date Jul. 19 Accounts Debit Credit
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
On January 1, Sheridan Enterprises had 96,000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec. 1 15 Issued 25,000 additional ordinary shares for €15 per share. Declared a cash dividend of €1 per share to shareholders of record on June 30. Paid the €1 cash dividend. Issued 2,700 additional ordinary shares for €20 per share. Declared a cash dividend on outstanding shares of €1.30 per share to shareholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
Hh1.
Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend? The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
Visno