Exercise 13-5Quay Co. had the following transactions during the curent period.Mar. 2 Issued 4,400 shores of $7 par value common stock to attomeys in payment of a bill for $36,200 for services performed in helping the company to incorporate.June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100.July 11 Issued 2,500 shares of $100 par value preferred stock for cash at $140 per share.Nov. 28 Purchased 1,850 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 indentmanually.)

The journal entries are prepared to keep the record of day to day transactions of the business.

Exercise 13-5 Quay Co. had the following transactions during the ourrent period. Mar. 2 Issued 4,400 shares of $7 par value common stock to attomeys in payment of a bill for $36,200 for services performed in helping the company to incorporate. June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100. July 11 Issued 2,500 sheres of $100 par velue preferred stock for cash at $140 per share. Nov. 28 Purchased 1,850 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 in manually.)

Exercise 13-5 Quay Co. had the following transactions during the ourrent period. Mar. 2 Issued 4,400 shares of $7 par value common stock to attomeys in payment of a bill for $36,200 for services performed in helping the company to incorporate. June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100. July 11 Issued 2,500 sheres of $100 par velue preferred stock for cash at $140 per share. Nov. 28 Purchased 1,850 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 in manually.)

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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Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $55 par and 400,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 130,000 shares of common stock at par for cash. July. 1 July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 20,000 shares of preferred stock at…
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Subject :- Accounting
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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,…
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Question. 2
22 Lincoln Liberty Limited issued 8,000 shares of $10 par value common stock at $36 cash per share. At the end of the year, Lincoln reported net income of $25,000 and issued dividends of $2 per share. Prepare the journal entries required for the issuances of stock and dividends.