**Sullivan, Inc. Stock Issuance Transactions**Sullivan, Inc., is authorized to issue the following shares:1. **Common Stock:** - 275,000 shares with a par value of $5 each.2. **Preferred Stock:** - 50,000 shares with a 9% dividend and a $50 par value.**September Transactions:**- **September 1:** Issued 50,000 shares of common stock at $22.50 per share for cash.- **September 12:** Issued 20,000 shares of common stock at $18 per share for cash.- **September 23:** Issued 4,350 shares of $5 par value common stock in exchange for equipment valued at $21,750.- **September 28:** Issued 5,000 shares of preferred 9% stock at $57.50 per share for cash.**Requirement:**Record these transactions in general journal form.

The journal entries are prepared to record the transactions on a regular basis. The additional…

Answered: 30. Sullivan, Inc., has a charter…

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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North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 35,000 shares of the common stock for $20 per share. Issued 10,000 shares of the preferred stock at $21 per share. Issued 2,500 shares of the common stock at $25 per share and 1,000 shares of the preferred stock at $21. Net income for the first year was $43,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31.
Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000 shares of preferred stock, $50 par, and 900,000 shares of common stock $11 par. The following selected transactions were completed during the first year of operations: July 1: Issued 260,000 shares of common stock at PAR for cash. July 1: Issued 25,000 shares of preferred stock for $75 cash. Instructions: Journalize the July Stock Issuances. 22 Wh Date Account Title Debit Credit you will not need all the lines in journal table
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Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 3,000 shares of preferred stock for cash at $750 per share May 23 Issued 6,000 shares of common stock at $12.50 per share Jun. 10 Issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share Journalize the transactions.
OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2 par value common stock. During 20X7, OM had the following transactions relating to stockholders' equity: Issued 20,000 shares of common stock at $7 per share. Issued 40,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X7?
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Subject - account Please help me. Thankyou.

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