Flounder Limited issued 1,930 common shares for $61,760.(a)Prepare Flounder's journal entry if the shares have no par value. (List debit entry before credit entry. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Account Titles and ExplanationDebitCredit

Common Stock (Credit): Represents the equity generated from the sale of the common shares. The total…

Answered: Flounder Limited issued 1,930 common…

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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PLEASE DONT CUT OFF THE ANSWER AND USE THE EXACT ACCOUNT TITLES On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTS Pidgeon Stones Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193…
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 200,000 shares at $20; collected cash in full and issued the shares. Share issue costs amounted to $67,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 100,000 shares at $30 per share; collected 70% of the subscription price. The shares will not be issued until collection of cash in full. d. Issued 400 shares to a lawyer in payment for legal fees related to trademark registration. The lawyer estimates that the legal services provided would have been worth $12,000. e. Issued 40,000 shares and assumed an $120,000 mortgage in total payment for a building with a fair value of $240,000. f. Collected balance on subscriptions receivable in (c).
please help and do not provide solution image based thanks
Hi, I need help assembling the following two journal entries. Thanks!
Stevie Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Stevie Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) June 19: Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. Journal Entry Date Jun More info Jun Jul 19 11 Accounts *** Print Debit 19 Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. 3 Sold 340 shares of $3.50, no-par preferred stock for $17,000 cash. Received inventory with a market value of $28,000 and equipment with market value of $11,000. Issued 3,000 shares of the $3 par common stock in exchange. Credit Done
Tamarisk Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. F-b. 1.2025 July 1 (a) (5) Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2035, interest payable April 1 and October 1, 108 bonds of 31000 par cách McGrath Company 12% bonds, par $54,100, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2045 Your answer is partially correct. Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Ifna entry is required, select "No Entry for the account titles and enter Ofor the amounts. Round answers to 0 decimal places. 5.19251 Date Account Titles and…
Please follow the format
8
Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par value common stock at $17 per share. Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
I need 3 paragraphs, 5 lines each. please do not copy and paste previously answered questions. Thank you!
Haresh
On December 31, 2023, Bridgeport Co. performed environmental consulting services for Indigo Co. Indigo was short of cash, and Bridgeport Co. agreed to accept a $165,000 zero-interest-bearing note due December 31, 2025, as payment in full. Indigo is somewhat of a credit risk and typically borrows funds at a rate of 11%. Bridgeport is much more creditworthy and has various lines of credit at 6%. Click here to view factor tables Prepare the journal entry to record the transaction of December 31, 2023, for Bridgeport Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Notes Receivable Discount on Notes Receivable Service Revenue Debit 165000…

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