Entries for Issuing No-Par StockOn February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 225,000 shares of no-par common stock (with a stated value of $6) at $18, and on August 3, it issued for cash 25,000 shares of preferred stock, $80 par at $84.a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.Feb. 12Aug. 3b. What is the total amount invested (total paid-in capital) by all stockholders as of August 37

Common Stocks refers to shares entitling their holder to dividends that vary in amount.It is also…

Answered: Entries for Issuing No-Par Stock 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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Share Issuances for CashHenlay, Inc., issued 10,000 shares of $40 par value preferred stock at $96 per share and 8,000 shares of no-par value common stock at $30 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances.b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $20 per share.c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $4 per share. General Journal Ref. Description Debit Credit a. Preferred stock Issued shares of preferred stock. Issued shares of no-par value common stock. b. Common stock Issued shares of no-par value common stock, stated value. c. Common stock Issued shares of common stock.
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred stock, $9 par at $12. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? →
Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par common stock (with a stated value of $2) at $6, and on August 3, it issued for cash 30,000 shares of $65 par preferred stock at $68. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 12 Cash Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?$
On January 22, treland Corporation issued for cash 20,000 shares of no-par common stock at $30. On February 14, Ireland issued at par value 8,000 shares of preferred 3% stock, $60 par for cash. On August 30, Ireland issued for cash 12,000 shares of preferred 3% stock, $60 par at $64. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan, 22 Feb. 14 Aug. 30
Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $30. On February 14, Shamrock issued at par value 1,000 shares of preferred 4% stock, $80 par for cash. On August 30, Shamrock issued for cash 13,000 shares of preferred 4% stock, $80 par at $90. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash fill in the blank 2 fill in the blank 3 Common Stock fill in the blank 5 fill in the blank 6 Feb. 14 Cash fill in the blank 8 fill in the blank 9 Preferred Stock fill in the blank 11 fill in the blank 12 Aug. 30 Cash fill in the blank 14 fill in the blank 15 Preferred Stock fill in the blank 17 fill in the blank 18 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 20 fill in the blank 21
Entries for treasury stock On May 27, Mama Mia Inc, reacquired 79,000 shares of its common stock at $10 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $13 per share. On November 14, Mama Mia sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock °
Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. Repurchased 3,040 shares of the common stock at $20 per share. November 9 Required: Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank. Mar. 22 Nov. 9 00 00
Entries for issuing par stock Instructions Chart of Accounts Instructions Journal Final Question On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred stock, $9 par at $12. Required: a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 40,000 shares of $24 par common stock at $82, and on February 27, it issued for cash 90,000 shares of preferred stock, $5 par at $9. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 120,000 shares of no-par common stock (with a stated value of $3) at $12, and on June 30, it issued for cash 15,000 shares of preferred stock, $65 par at $72.a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?$
On April 1, 8,000 shares of $5 par common stock were issued at $23, and on April 7, 5,000 shares of $50 par preferred stock were issued at $105. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apr. 1 - Select - - Select - - Select - - Select - - Select - - Select - Apr. 7 - Select - - Select - - Select - - Select - - Select - - Select -

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