b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18

b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

A: Total paid in capital is the amount of capital which includes the common stock, preferred stock,…

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: Whenever any event occurs in the business and it can be measured and expressed in terms of money, it…

Q: 1,000 shares of common stock with a par value of $5 is sold for $8. Which of the following is…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value…

A: For no par value shares issued, there is no discount or premium is recorded as the par value for the…

Q: X 回 Prepare journal entries to record the following transactions. Descriptions are not required but…

A: Common stockholders are the owners of the company. They have voting rights for…

Q: February 1 Purchased 570 shares of the company's own common stock at $37 cash per share; the stock…

A: The double entry system becomes the base for the purpose of preparation of the accounting Equation.…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 230,000 shares of…

A: When share are issued at a premium i.e. over and above the par value, then the excess value is…

Q: On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of…

A: April 1: Issuance of Common StockAccountdebit($)credit($)cash2,20,000commono stock50,000paid in…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 25,000 shares of…

A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

Q: a. XYZ Company issued 500 shares of $2 par common stock at $5 per share. DATE Debit Credit…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: A company issued 120 shares of $100 par value common stock for $14,200 cash. The total amount of…

A: The paid in capital in excess of par value is recorded as share premium in the balance sheet.

Q: Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $23 per…

A: A preferred stock is a class of stock that is granted certain rights that differ from common stock…

Q: 7. Treasury stock that had been purchased for $5.600 last month was reissued this month for $8,500.…

A: When treasury stock is reissued, the accounting treatment depends on the relationship between the…

Q: Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in…

A: The stockholders' equity is the net amount in the business that belongs to the shareholders. The…

Q: Entries for Isuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Amount received for issue of shares in excess of par value will be credited to paid in capital…

Q: Faceoff, Inc. identified the following selected transactions that occurred during the year ended…

A: Activities related to investing and finance that don't involve cash include transactions when a…

Q: PART 2!!!!!! b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y8.…

A: Part 2 ( b) Statement of Stakeholder's Equity for the Year ended December 31,…

Q: Rodriguez Corporation issues 20,000 shares of its common stock for $326,000 cash on February 20.…

A: The journal entries are prepared to record the transactions on regular basis. The cash received in…

Q: A company reacquired 100 shares of $1 par value common stock for $2,000. What is the journal entry…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 100,000 shares of $8 par…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Issue of stock means to sell the shares of the entity in the market. The selling of shares could be…

Q: a. Issued 1,000 shares of $10 par common stock at $59 for cash.

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Rodriguez Corporation issues 12,000 shares of its common stock for $124,300 cash on February 20.…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Our Business Issued 10,000 shares of $1 Par value common stock for a total of $50,000, The Journal…

A: Common stock is issued for raising capital for the company. Other than common stock, the company…

Q: Requirement 2. Report the company's stockholders' equity at Decentock J1, 2022. Net income for 2022…

A: Stockholders' equity is what remains of a company's assets once all liabilities have been…

Q: Elliptical Machine issues 5,000 shares of 5%, $10 Par Value Preferred Stock for $10,000 cash,…

A: Solution: Total Value for issuance = Cash + inventory + Note receivable = 10000 + 20000 + 40000 =…

Q: 3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per…

A: Journal Entry: It is the duty of the accountant to record business economic and non-economic…

Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: How would I Debit and Credit each of these? Jan. 3 Issued 15,000 shares of $20 par common stock…

A: Journal entry: It is a systematic record of a financial transaction of a company recorded in…

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.
Description
Debit
Credit
fill in the blank 11 fill in the blank 12
fill in the blank 14 fill in the blank 15
fill in the blank 17 fill in the blank 18

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Question 2 Acme Co. issued 500 shares of $100 par Preferred Stock for $101 per share. Record this transaction. Edit View Insert Format Tools Table 12pt v Paragraph v В I U O words Question 3 Acme Co. bought 50 shares of its stock for $7 per share to be held as Treasury Stock.
Feb 19th, issued 9,000 preferred shares for cash at $45 per share. The par value of preferred stock is $5. Prepare Journal Entry.
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.
Oct. 2 Issued 24,000 shares of common stock for a building with a market value of $130,000. Oct. 6 Issued 550 shares of preferred stock for $160 per share. Oct. 9 Issued 18,000 shares of common stock for cash of $90,000. Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Oct. 10 Oct. 25 Paid the cash dividend. Assume B- Mobile's net income for the month was $92,000.
Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $3 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $58,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. Journal entry worksheet Li
Accounting for Common, Preferred, and Treasury Stock A-Team Corporation issued 1.000 shares of $5 par value stock for land. The stock is actively traded at $9 per share. The land was advertised for sale at $10,500. The land should be recorded at $9,000. O $5,000. $4,000. O $10.500.
true or false.d. Issuing 1,000 shares of $5 par-value stock at $12 increases contributed capital by $12,000.
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 45,000 shares of $12 par common stock at $41, and on February 27, it issued for cash 130,000 shares of preferred stock, $5 par at $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Feb. 27 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$
Journal entry worksheet
Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.Journalize the issuance of the preferred stock. what is the title or explanation? what is debit or credit ?