Cullumber Company had these transactions during the current period.June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875.July 11Issued 3,200 shares of $100 par value preferred stock for cash at $106 per share.Nov. 28 Purchased 2,950 shares of treasury stock for $10,000.Prepare the journal entries for the Cullumber Company transactions shown above. (Record journal entries in the order presented in theproblem. 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.)DateAccount Titles and ExplanationDebitCredit

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Cullumber Company had these…

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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Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Company issues 46,500 shares of $4 par value common stock for $309,500 cash. On April 1, OP Company issues no-par value common stock for $78,000 cash. On April 6, MPG issues 2,800 shares of $15 par value common stock for $47,000 of inventory, $175,000 of machinery, and acceptance of a $97,000 note payable.
The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation’s common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess…
Delta Corporation issued 10,000 shares of no-par common stock for $1 per share on July 13. Record the stock issuance. (Check your spelling carefully and do not abbreviate. Be sure to include the type of stock in the account names where applicable. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 13
PLEASE DONT CUT OFF THE ANSWER AND USE THE EXACT ACCOUNT TITLES On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTS Pidgeon Stones Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193…
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Seaside Amusements Corporation had the following stockholders' equity on November 30: (Click the icon to view the stockholders' equity.) On December 30, Seaside purchased 100 shares of treasury stock at $14 per share. Read the requirements. Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Credit Dec. 30 Requirements 1. Journalize the purchase of the treasury stock. 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. Assume the balance in retained earnings is unchanged from November 30. Debit 3. How many shares of common stock are outstanding after the purchase of treasury stock? Print Done C Data table Stockholders' Equity Paid-In Capital: Common Stock-$5 Par Value; 1,300 shares authorized, 120 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings…
Nexis Corp. issues 1,900 shares of $12 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?
On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Credit
Stevie Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Stevie Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) June 19: Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. Journal Entry Date Jun More info Jun Jul 19 11 Accounts *** Print Debit 19 Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. 3 Sold 340 shares of $3.50, no-par preferred stock for $17,000 cash. Received inventory with a market value of $28,000 and equipment with market value of $11,000. Issued 3,000 shares of the $3 par common stock in exchange. Credit Done
Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 49,500 shares for cash at $53 per share. July 1 Issued 64,500 shares for cash at $58 per share. - Your answer is partially correct. 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 0 for the amounts.) Date Account Titles and Explanation Feb.1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 2332000 3741000 Credit 2475000 132000 3225000 516000
g
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…

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