Coronado Mining Company declared, on April 20, a dividend of $593,000 payable on June 1. Of this amount, $119,000 is a return ofcapital.Prepare the April 20 and June 1 entries for Coronado. (List all debit entries before credit entries. Credit account titles are automaticallyindented 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 theamounts.)Date Account Titles and ExplanationDebitCreditApr. 20Retained EarningsPaid-in Capital in Excess of Par - Treasury StockDividends PayableJune 1Dividends PayableCash474000119000593000593000593000

DateAccount titles and ExplanationDebitCreditApr.20Retained Earnings474000 Additional Paid-in…

Answered: Coronado Mining Company declared, on…

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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Whispering Mining Company declared, on April 20, a dividend of $466,000 payable on June 1. Of this amount, $128,000 is a return of capital. Prepare the April 20 and June 1 entries for Whispering. (List all debit entries before credit entries. 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 and Explanation Apr. 20 June 1 Debit Credit
Vaughn Mining Company declared, on April 20, a dividend of $508,000 payable on June 1. Of this amount, $146,000 is a return of capital. Prepare the April 20 and June 1 entries for Vaughn. (List all debit entries before credit entries. 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 Apr. 20 June 1 Account Titles and Explanation Debit Credit
Waterway Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital.Prepare the April 20 and June 1 entries for Waterway. (List all debit entries before credit entries. 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 0 for the amounts.)
Oriole Company had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Purchased 2,500 shares of treasury stock for $100,000. 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. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Mar. 2 June 12 Issued 4,600 shares of $5 par value common stock to attorneys in payment of a bill for $27,600 for services performed in helping the company to incorporate. Issued 66,500 shares of $5 par value common stock for cash of $415,625. Issued 1,200 shares of $100 par value preferred stock for cash at $108 per share. July 11 Nov. 28 Account Titles and Explanation Debit Credit
The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.
On August 1, Sunland Company buys 1,000 shares of Estrada common stock for $28,500 cash. On December 1, Sunland sells the stock investments for $31,500 in cash.Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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 Aug. 1Dec. 1 Aug. 1Dec. 1
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Whispering Company has a stock portfolio valued at $3,800. Its cost was $3,200. If the Fair Value Adjustment account has a debit balance of $260, prepare the journal entry at year-end. (List debit entry before credit entry. 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.) Account Titles and Explanation Debit Credit 1187
Pharoah Company has a stock portfolio valued at $4,100. Its cost was $3,500. If the Fair Value Adjustment account has a debit balance of $130, prepare the journal entry at year-end. (List debit entry before credit entry. 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) Account Titles and Explanation Debit Credit
On December 1, Cheyenne Furniture Corporation borrowed $8,800 on a 90-day, 15% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
On January 1, 2022, the stockholders' equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. July Sept. 1
Sarasota has year-end account balances of Sales Revenue $868,064, Interest Revenue $14,27O, Cost of Goods Sold $563,162, Administrative Expenses $206,310, Income Tax Expense $31,854, and Dividends $20,631. Prepare the year-end closing entries. (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.) Debit Credit No. Account Titles and Explanation

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