Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018.The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction?O A. Common Stock - $1 Par ValuePaid-in Capital in Excess of Par - CommonCashO B. CashCommon Stock $1 Par ValuePaid-in Capital in Excess of Par - CommonOC. CashCommon Stock - $1 Par ValuePaid-in Capital in Excess of Par$1 Par ValuePaid-in Capital in Excess of ParCashOD. Common Stock -IDCommonCommon438,000114,000152,000152,000114,00038,000152,00038,000114,000114,00038,000152,000

JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Answered: Allridge Corporation received cash from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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On January 1, 2017, Ehrlich Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 100,000 shares issued and outstanding) $1,000,000Paid-in Capital in Excess of Par—Common Stock 200,000Retained Earnings 540,000During the year, the following transactions occurred.Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.Feb. 15 Paid the dividend declared in January.Apr. 15 Declared a 15% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.May 15 Issued the shares for the stock dividend.Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. 31 Determined that net income for the year was $250,000.Instructions(a) Journalize the…
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…
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