Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: May 5 Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000. July 20 Sold 1,550 shares of preferred stock for $50 cash per share. Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share.

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A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par…

A: The stockholders' equity records the total capital that belongs to the shareholders. The equity…

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A: Stockholder's Equity includes the amount contributed by shareholders in the form of common stock,…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A:

Q: Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100…

A: The entry for preferred stock issued   Date Particular Debit ($) Credit ($) Dec 31 Cash 20,000…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: Journal entries? Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common…

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Q: Roberto Designers was organized on January 1, 2021. The firm was authorized to issue 150,000 shares…

A: Stockholder Equity Statement-A financial report that is included in the financial statements that…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 320,000 shares of $10 par…

A: Common shares (Transaction 1)=Number of shares×Par value=20,000×$10=$200,000

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Cash received  on issue of 75000 shares of Common stock = 75000 ×$15 =$1125000

Q: The charter for Zenith, Inc., authorizes the company to issue 250,000 shares of $9, no-par preferred…

A: Stockholders equity section represents all the remaining value of assets after settling all the…

Q: Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Rodriguez Corporation issues 11,000 shares of its common stock for $132,100 cash on February 20.…

A: The company can raise funds through various methods. Some of them are, by way of issuing common…

Q: Choctaw Company completed the following transactions in Year 1, the first year of operation: Issued…

A: A journal entry is a record of a commercial transaction in an organization's accounting system.…

Q: Rodriguez Corporation issues 16,000 shares of its common stock for $193,600 cash on February 20.…

A: Lets understand the basics. Journal entries are those which are recorded in the books in order to…

Q: Rodriguez Corporation issues 15,000 shares of its common stock for $209,500 cash on February 20.…

A: If shares were issued at a premium then the difference between issue price and par value is…

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

Q: Prepare journal entries to record the following selected transactions. January 10 Issued 121,000…

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

Q: Basil Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000…

A: The Numerical has covered the concept of Journal entry relating to the stock purchase and sell.

Q: Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common…

A: The journal entry is the format under which the business entity identifies, evaluates, and analyses…

Q: 5. Year 1. t was authorized to issue 330,000 shares of S10 par common stock and 65S.000 shar of 5…

A: The shareholders' equity section represents the total equity or capital related to the shareholders.…

Q: Roberto Designers was organized on January 1, 2021. The firm was authorized to issue 100,000 shares…

A: Initial  issue of  shares 10000 Additional  issue of share 20000 Dividend  paid and Treasury  stock…

Q: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: Rodriguez Corporation issues 15,000 shares of its common stock for $312,700 cash on February 20.…

A: The objective of the question is to prepare journal entries for the issuance of common stock under…

Q: Watson Corporation is authorized to issue 7,500 shares of $100 par value, 6%, cumulative preferred…

A: Dividend is the part or share of profits being distributed to the shareholders. It is being paid to…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: The journal entries are prepared to keep the record of day to day transactions of the business of…

Q: Issuing stockProfessional Products Inc., a wholesaler of office products, was organized on February…

A: Raising of capital by the company can be from issue of common stock, prefernece stock or bonds.

Q: Instructions Journalize the selected transactions. Selected transactions completed by Equinox…

A: Common stock represents the ownership portion of the stockholder over the business and its resources…

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: The following entries are journalized for Ergonomics Incorporation.

Q: asil Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…

A: Requirement a:   Pass all of the necessary journal entries to record the events.

Q: Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par…

A: The question asks for accounting for stockholders' equity in the company's books.  The journal…

Q: Rodriguez Corporation issues 16,000 shares of its common stock for $42,300 cash on February 20.…

A: Journal entries are those which are recorded in the books in order to maintain a daily record of the…

Q: (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its…

A: Particulars Debit Credit a       Jan 31 Treasury Stock 110000             Cash   (5000*22)…

Q: 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value…

A: Par value of shares = $1  Following transactions incurred:  On Jan 1 - Issued 700 common stock for…

Q: Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current…

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

Q: Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000…

A: Stockholder's Equity - Stockholder's Equity is the section of the balance sheet that includes common…

Q: Sun Corporation received a charter that authorized the issuance of 80,000 shares of $6 par common…

A: Answer -  Working Note :

Q: Splish Brothers Inc. had the following transactions during the current period. Mar. 2   Issued…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000…

A: A journal entry records a business transaction and is the first step of the accounting cycle. Every…