Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the corect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credied for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in thxcens of Par- Common credited for $11,760

Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.02 per share. Which is the corect journal entry to record this transaction? O A. Cash is credited for $12,000 and Common Stock-$0.02 Par Value is debited for $12.000. O B. Paid - In Capital in Excess of Par-Common is debited for $11,760, and Common Stock-S0.02 Par Value is credied for $11,700. O C. Cash is debited for $240, and Common Stock-$0.02 Par Value is credited for $240. OD. Cash is debited for $12,000, Common Stock-$0.02 Par Value is oredited for $240, and Pald - in Capital in thxcens of Par- Common credited for $11,760

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

Prepare the journal entry to record Zende Company's issuance of 65,000 shares of $4 par value common stock assuming the shares sell for: a. $4 cash per share. b. $5 cash per share. View transaction list Journal entry worksheet Record the issuance of 65,000 shares of $4 par value common stock assuming the shares sell for $4 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Desert Apparel has 6,000 shares of common stock outstanding. On April 1, the company declares a $2 per share dividend to stockholders of record on April 15. The dividend is paid on April 30.Record all necessary entries on the appropriate dates for cash dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the declaration of Cash dividend of $2 per share to stockholders recorded on April 15. Date General Journal Debit Credit Apr 01 Record Entry on April 15. Date General Journal Debit Credit Apr 15 Record the cash dividend paid. Date General Journal Debit Credit Apr 30
On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.Journalize the issuance of the stock what is the date ? what is the title and explantion ? Is it debit or credit ?
On January 1, Larkspur Corporation had 99000 shares of $10 par value common stock outstanding. On May 7, the company declared a 10% stock dividend to stockholders of record on May 21. The market value of the stock was $13 on May 7. The entry to record the transaction of May 7 would include a O credit to Cash for $128700. O credit to Common Stock Dividends Distributable for $128700. ○ credit to Common Stock Dividends Distributable for $29700. O debit to Stock Dividends for $128700.
Bentley Corporation received cash from issuing 13,000 shares of common stock at par on January 1, 2024. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction? CZTEED OA Cash is credited for $13,000 and Common Stock-$0.05 Par Value is debited for $13,000 OB. Cash is debited for $650, and Common Stock-$0.05 Par Value is credited for $650 OC, Cash is debited for $13,000, Common Stock-$0.05 Par Value is credited for $650, and Paid-In Capital in Excess of Par-Common credited for $12,350 OD. Paid-In Capital in Excess of Par-Common is debited for $12,350, and Common Stock-$0.05 Par Value is credited for $12,350
Nexis Corp. issues 1,960 shares of $11 par value common stock at $15 per share. When the transaction is recorded, what credit entry or entries are made? a.Common Stock $29,400. b.Common Stock $21,560 and Paid-in Capital in Excess of Par Value $7,840. c.Common Stock $7,840 and Retained Earnings $21,560. d.Common Stock $21,560 and Paid-in Capital in Excess of Stated Value $7,840.
Torres Inc. issues 40,000 shares of its $0.05 par value common stock for $70 per share. The journal entry to record the stock issuance will include a: Debit to Common Stock of $2,000. Credit to Common Stock of $2,800,000. Credit to Cash of $2,800,000. Credit to Additional Paid in Capital of $2,798,000.
The Ivanhoe Corporation has 94,600 $2.00 noncumulative preferred shares that have been issued. It declares a quarterly cash dividend on May 15 to shareholders of record on June 10. The dividend is paid on June 30. Prepare the entries on the appropriate dates to record the cash dividend. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the 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 Debit Credit
Vishu
Please help me with show all calculation thanku
The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $688,200 and a credit or credits to a.Paid-in Capital from Preferred Stock for $688,200. b.Preferred stock for $599,400 and Paid-in Capital in Excess of Par Value−Preferred Stock for $88,800. c.Preferred Stock for $688,200. d.Preferred Stock for $599,400 and Retained Earnings for $88,800.
On January 1, 2022, Skysong, Inc. had $1,190,000 of common stock outstanding that was issued at par and retained earnings of $749,000. The company issued 43,000 shares of common stock at par on July 1 and earned net income of $395,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2022, for the following two independent assumptions. (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.) (a) (b) No. Account Titles and Explanation (a) Par value is $10 and market price is $15. Par value is $5 and market price is $8. (b) Retained Earnings Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Retained Earnings Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Debit 277,425 147,960 Credit 184,950 277,425 92,475 332,910