Exercise 20.10► Transactions for stock subscriptions.Objective 20-10On May 1, 20X1, TONI Inc. received a subscription from Angel Paz for 700 shares of its $1 par-value common stock at a price of $28 a share.Paz made a payment of $14.00 per share on the stock at the time of the subscription. Give the entries in general journal form to record receipt of the subscription and thecash payment.Prepare entries on June 1, 20X1, to record payment of the balance of Paz's subscription and issuance of the stock.

Journal Entries are used to record the transactions in the company to the books of accounts.

Answered: Exercise 20.10 ► Transactions for stock…

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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18 Rodriguez Corporation issues 17,000 shares of its common stock for $265,500 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. View transaction list Journal entry worksheet < A B C Record the issue of 17,000 shares of no-par, no-stated value common stock for $265,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View genera
Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $26 per share. June 4 Reissued 6,000 shares of treasury stock at a price of $41 per share. Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share. a. Prepare general journal entries to record these transactions. b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31.
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E14-4 Issuing shares payable by instalments [10–15 min] Riverside Ltd is issuing shares payable by instalments. It completed the following transactions: Received an application for 2000 ordinary shares with a total issue price of $10 per share. The applicant paid one-quarter of the total issue price. Allotted the 2000 shares and collected a further half of the total issue price. Made a call on the shares and collected the balance still due. May 3 May 18 Aug 3 Requirement Record these transactions in the general journal. Explanations aren't required.
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Q. question 7

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