Flint Co. had the following transactions during the current period. Mar. 2 Issued 4,100 shares of $6 par value common stock to attorneys in payment of a bill for $29,300 for services performed in helping the company to incorporate. June 12 Issued 63,700 shares of $6 par value common stock for cash of $456,800. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 2,840 shares of treasury stock for $79,500.

Flint Co. had the following transactions during the current period. Mar. 2 Issued 4,100 shares of $6 par value common stock to attorneys in payment of a bill for $29,300 for services performed in helping the company to incorporate. June 12 Issued 63,700 shares of $6 par value common stock for cash of $456,800. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 2,840 shares of treasury stock for $79,500.

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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Saved Help Save In 2021, the internal auditors of Blooper Inc. discovered that goods costing $12 million that were shipped f.o.b. shipping point in December of 2020 were in transit on December 31. The goods were recorded as a purchase in December of 2020 but were not included in the 2020 year-end inventory. Prepare the journal entry needed in 2021 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the necessary entry to correct the error. Note: Enter debits before credits. Transaction General Journal Debit Credit
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Subject : Accounting what is the lowest subscription level of QuickBooks online that allows custom fields to be added to purchase orders?
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