43Following are the transactions of JonesSpa Corporation, for the month of January.a. Borrowed $19,000 from a local bank; the loan is due in 9 months.b. Lent $8,100 to an affiliate; accepted a note due in one year.c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $25 per share; receivedcash.d. Purchased $32,000 of equipment, paying $10,100 cash and signing a note for the rest due in one year.e. Declared $11,000 in cash dividends to stockholders, to be paid in February.Prepare the journal entry to record each of the above transactions for the month of January.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listView journal entry worksheetNoTransactionGeneral Journal1CashNotes payable2bNotes receivableCashCdCashCommon stockAdditional paid-in-capitalEquipmentCashNotes payableRetained earningsCash5eDebitCredit☑

Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Answered: 4 3 Following are the transactions of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 21EA: James Corporation earned net income of $90,000 this year. The company began the year with 600 shares...

See similar textbooks

Similar questions

Qw.30.
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on April 22 for the receipt of the divided on the Gilbert Co. Stock? DATE DESCRIPTION PREF DEBIT CREDIT Apr. 22 (?) $2,520 (?) $2,520 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue O000
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.
Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.
How to journalize the entry for december 31? Apr. 10 Purchased 5,000 shares of Delew Company’s common stock for a price of $49 per share plus a brokerage commission of $90. Delew Company has 230,000 shares of common stock outstanding. July 8 Received a quarterly dividend of $1.00 per share on the Delew Company investment. Sept. 10 Sold 1,100 shares for a price of $44 per share less a brokerage commission of $70. Dec. 31 At the end of the accounting period, the fair value of the remaining 3,900 shares of Delew Company’s stock was $48.52 per share.
When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue 100,000 share of $10 par value common stock.The following transaction was among those engaged in by the corporation during its first month of operation:The corporation issued 9,000 shares of stock at a price of $25 per share.The entry to record the above transaction would include a Select one: a. debit to Cash for $90,000 b. credit to Paid in Capital in Excess of Par for $135,000 c. credit to Common Stock for $225,000 d. debit to Common Stock for $90,000
Treasury stock that had been purchased for $4,760 last month was reissued this month for $5,640. The journal entry to record the reissuance would include a credit to a.Treasury Stock for $880 b.Paid-In Capital from Sale of Treasury Stock for $4,760 c.Paid-In Capital from Sale of Treasury Stock for $880 d.Paid-In Capital in Excess of Par—Common Stock for $880
dntt prrovide handwritiing solution ...
Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
1. Record, in journal entry form, the following transactions, assuming the company plans on holding the investments for trading purposes: April 16 - Purchased 300 shares of Ameco for $25 per share. • May 2 - Purchased 1,000 shares of Rattle Inc. for $12.50 per share. • June 19 - Sold 100 Ameco shares for $32.75 per share. • October 7 - Purchased 550 shares of BMC for $27.80 per share. • November 30 - Received a dividend of $0.25 per share from Rattle. • December 12 - Sold half the shares in BMC for $21.00 per share. 2. Record any required journal entries on December 31, the company's year-end.
a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 9% interest (classified as held-to-maturity b. On March 22, bought 1000 shares of Fren Inc. common stock at $50 cash per shere. Cancun's stock investment results in it having en insignificant influence over Fran e. On May 15, received a check from GMI in payment of the principal and 90 days' interest on the notes purchased in parta d. On July 30, paid $48,000 cash to purchase MP Inc.'s 8%, six month notes at par dated July 30 (classified as trading securities On September 1, received a $0.38 per share cash dividend on the Fran Inc. common stock purchased in part b f. On October 8. sold 500 shares of Fren Inc. common stock for $66 cash per shere g. On October 30, received a check from MP Inc. for three months Interest on the notes purchased in part Prepare journal entries to record the above transactions involving both the short-term and long-term investments of…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Corporate Financial Accounting

Accounting

ISBN:

9781305653535

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Accounting (Text Only)

Accounting

ISBN:

9781285743615

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS