On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Listall debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)DateVAccount Titles and Explanation(=€Debit3CCredit Current Attempt in ProgressNash Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of thenew job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, hemade the following entries for the corporation's capital stock.DateAccount Titles and ExplanationMay 2 CashCapital Stock(Issued 13,000 shares of $5 par value common stock at $15 per share)May 10 CashCapital Stock(Issued 11,000 shares of $40 par value preferred stock at $80 per share)May 15 Capital StockCash(Purchased 800 shares of common stock for the treasury at $15 per share)May 31 CashCapital StockGain on Sale of Stock(Sold 520 shares of treasury stock at $18 per share)Debit Credit195,000880,00012,0009.360195,000880,00012,0005,2004,160

Working : If shares are issued for value in excess of par, then the excess should be credited to…

Answered: Current Attempt in Progress Nash Inc.…

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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Global Air Inc. recently hired a new accountant with limitedreal-world experience in corporate accounting. Prior to starting the new job, the accountant was very busy and was unable to reviewany texts on corporation accounting. During the first month, he made the following entries for the corporation’s capital stock: Oct. 5 Cash 39,000 Capital Stock 1,000 Gain on Sale of Stock 38,000 (Issued 1,000 shares of $1 par value common stock at $39 per share) 12 Cash 330,000 Capital Stock 330,000 (Issued 3,000 shares of $100 par value preferred stock at $110 per share) 13 Capital Stock 20,000 Cash 20,000 (Purchased 500 shares of common stock for the treasury at $40 per share) 26 Cash 22,500 Capital Stock 500 Gain on Sale of Stock…
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Journalize the following selected transactions completed during the current fiscal year: Date Transaction February 1 The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. February 11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock. May 15 Paid the dividend declared on May 1. October 19 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55). November 12 Issued the certificates for the common stock dividend declared on October 19. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Please fill in the blanks with blue arrows to the table above, the one you submitted back to me in response does not look like the same one I submitted
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Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 1 Sold 7,000 shares of common stock for cash at $22 per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit…
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