Concord Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,200 for servicesperformed in helping the company to incorporate.June 12July 11Nov. 28Issued 64,900 shares of $5 par value common stock for cash of $409,200.DateIIssued 1,175 shares of $100 par value preferred stock for cash at $130 per share.Purchased 3,000 shares of treasury stock for $82,500.Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Creditaccount titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit

Journal entries are used for recording the transactions. For each transaction there is an equal…

Answered: Concord Co. had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 2,000 shares were sold on November 10 for $23 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 Treasury Stock Treasury Stock Cash Cash Question Content Area b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select -
Ashvini
When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of $13 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,710 shares of stock at a price of $23 per share. Which of the following would be included when recording the transaction? Select the correct answer. a-credit to Common Stock for $200,330 b-credit to Paid-in Capital in Excess of Par for $87,100 c-debit to Common Stock for $90,000 d-debit to Cash for $113,230
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
Exercise During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value, and 1 million preferred stock , OMR 50 par value. Required : Prepare the appropriate journal entries to record each transaction. Feb. 12 sold 2 million common stock for OMR 9 per share 12 issued 40,000 common stock to attorneys in exchange for building. 13 sold 80,000 of its common stock and 4,000 preferred stock for a total of OMR 945,000
On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 a share. It sold 3,000 of the treasury shares at $29 a share on June 10. The remaining 2,000 shares were sold on November 10 for $22 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10 M Y ▼ ♥
Kingbird, Inc. had the following transactions during the current period. Mar. 2 Issued 4,400 shares of $5 par value common stock to attorneys in payment of a bill for $26,400 for services performed in helping the company to incorporate. June 12 Issued 55,000 shares of $5 par value common stock for cash of $343,750. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $111 per share. Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Journalize the transactions. (Record journal entries in the order presented in the problem. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit
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Hh1.
Please answer A and B
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $28 per share. It sold 3,000 of the treasury shares at $31 per share on June 10. The remaining 2,000 shares were sold on November 10 for $24 per share. Question Content Area a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 Question Content Area b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10
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

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