Required informationUse the following information for Exercises 4-5 below. (Algo)[The following information applies to the questions displayed below]Following are the issuances of stock transactions.1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash.2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimatedto be worth $51,000. The stock has a $1 per share stated value.3. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimatedto be worth $51,000. The stock has no stated value.4. A corporation issued 2,500 shares of $50 par value preferred stock for $176,000 cash.Exercise 11-4 (Algo) Recording stock Issuances LO P1Prepare journal entries to record each of the following four separate issuances of stock.

Journal entry records the accounting transactions of a business in a journal book. All the business…

Answered: Following are the issuances of 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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A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.
1. A corporation issued 9,000 shares of $10 par value common stock for $108,000 cash. 2. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has a $1 per share stated value. 3. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has no stated value. 4. A corporation issued 2,250 shares of $50 par value preferred stock for $144,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet < A в с Record the issue of 9,000 shares of $10 par value common stock for $108,000 cash. Note: Enter debits before credits. Transaction 1 D General Journal Debit Credit
Nebraska Inc. issues 2,750 shares of common stock for $88,000. The stock has a stated value of $20 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
The charter of a corporation provides for the issuance of 95,662 shares of common stock. Assume that 37,907 shares were originally issued and 3,885 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a.$68,044 b.$3,885 c.$95,662 d.$37,907
Nebraska Inc. issues 2,750 shares of common stock for $88,000. The stock has a stated value of $20 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.
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,…
Concord Corporation had the following transactions during the current period. Mar. 2 Issued 3,600 shares of $5 par value common stock to attorneys in payment of a bill for $21,600 for services performed in helping the company to incorporate. June 12 Issued 70,000 shares of $5 par value common stock for cash of $437,500. July 11 Issued 1,500 shares of $100 par value preferred stock for cash at $107 per share. Purchased 1,800 shares of treasury stock for $72,000. Nov. 28 Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically inc when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" fo. account titles and enter O for the amounts.)
A corporation issued 7,000 shares of $10 par value common stock for $84, 000 cash. A corporation issued 3, 500 shares of no - par common stock to its promoters in exchange for their efforts, estimated to be worth $21,500. The stock has a $1 per share stated value. A corporation issued 3,500 shares of no - par common stock to its promoters in exchange for their efforts, estimated to be worth $21,500. The stock has no stated value. A corporation issued 1, 750 shares of $25 par value preferred stock for $65, 250 cash.
7. On January 3, Russet Corporation purchased 2,250 shares of the company's $3 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Russet Corporation sold 1,400 shares of the treasury stock for cash of $14 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the purchase of the treasury stock. Date Jan. 3 Accounts and Explanation Debit Credit
Following are the issuances of stock transactions. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $2 per share stated value. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. A corporation issued 750 shares of $25 par value preferred stock for $52,250 cash. Prepare journal entries to record each of the following four separate issuances of stock.

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