Following are the transactions of JonesSpa Corporation, for the month of January.a. Borrowed $27,000 from a local bank; the loan is due in 9 months.b. Lent $7,500 to an affiliate; accepted a note due in one year.c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $20 per share; receivedcash.d. Purchased $22,000 of equipment, paying $5,600 cash and signing a note for the rest due in one year.e. Declared $3,300 in cash dividends to stockholders, to be paid in February.For each of the above transactions, indicate the accounts and amounts. A sample is provided.Note: Enter decreases to an element of the balance sheet with a minus sign.a.Cashb.b.C.C.d.d.e.e.AssetsLiabilities27,000 Notes payableStockholders' Equity27,000++++

a. The cash borrowed from bank results in increase in cash on assets side and increase in notes…

Answered: Following are the transactions of…

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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Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $30,000 from a local bank; the loan is due in 9 months. b. Lent $10,000 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. d. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year. e. Declared $2,000 in cash dividends to stockholders, to be paid in February. For each of the above transactions, indicate the accounts and amounts. A sample is provided. Note: Enter decreases to an element of the balance sheet with a minus sign. a. Cash b. Notes receivable b. C. C. d. d. e. e. Assets Accounts payable Accounts receivable Accrued liabilities payable Additional paid-in-capital 30,000 = Notes payable 10,000 = = = = = = = Liabilities 30,000 + + + + + + + + + Stockholders' Equity
Following are the transactions of JonesSpa Corporation, for the month of January. a Borrowed $30,000 from a local bank; the loan is due in 9 months. b. Lent $10,000 to an affiliate; accepted a note due in one year. c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. d. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year. e. Declared $2,000 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January, Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet Record the receipt of the bank loan of $30,000. Note: Enter debits before credits Transaction 5 Record entry General Journal Clear entry Debit Credit View general journal
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During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journal
Prepare journal entries for Eddington Corp. for the following transactions: 5/25/23: Purchased 3,000 shares of Vistavia Corp. common stock at $30 per share plus $2,700 in brokerage fees. 9/23/23: Sold 500 shares of Vistavia Corp. common stock at $28 per share.
Berk Company engaged in the following investment transactions during the current year. April 1 July 1 Bought 40,000 of the 100,000 outstanding shares of Apex Company for $400,000. During the year, Apex Company reported net income of $30,000, and paid dividend of $10,000. Bought a $270 million bond with 8% interest rate. The market interest rate was 6% for bonds of similar risk and maturity. Berk paid $310 million for the bonds. The company will receive interest semiannually on June 30 and December 31. The fair value of the bonds at December 31 was $240 million. Dec 31 Required: 1. Beck has significance influence over Apex's management. On December 31, how much would Berk report as the value of its investment in Apex on the balance sheet? 2. Berk intends to actively trade the bond investment. a. Prepare the journal entries related to the bond on July 1 and on December 31. b. On December 31, how much would Berk report as the value of the bond on The balance sheet Please avoid…
a. Purchased 16,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 16,000 common shares of Heller for $252,480 cash. Note: For each account catégory, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Transaction Cash Asset Noncash Assets Liabilities Contrib. Capital Earned Capital Income Statement Revenues Expenses Net Income (256,000)✔ 256,000 0 ✓ Cash = Investment = ✓ N/A ✔ N/A = N/A M/A N/A (b) 20,000 ▼ 20,000✓ 20,000 ✔ 0✓ = 20,000 ✓ Cash ✓ N/A ÷ N/A ÷ ✓ N/A = Retained earnings Dividend income = ✓ N/A = (c) 0✓ 24,000 ✔ 0✓ 0✓ 24,000 ▼ 24,000 く 24,000 Cash = Investment ✓ N/A = N/A Retained earnings nrealized gain ÷ (d) 252,480✔ (2.240,000) x- 28,480 x Cash ÷ ✓…
First National Bank buys and sells securities. The company's fiscal year ends on December 31. The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000 ($3.80 per share). December 28 Receives cash dividends of $4,800 from the Classic Computers shares. Required: How will each of these transactions affect the financial statements? bok nt Complete this question by entering your answers in the tabs below. December 20 December 28 Purchases 180,000 shares in Classic Computers common stock for $684,000 ($3.80 per share). How will this transaction affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Revenues & Common Stock Retained Earnings >
During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 390 shares of the company's common stock at $38 cash per share. b. June 14: Sold 70 of the shares purchased on April 1 for $43 cash per share. c. September 1: Sold 60 of the shares purchased on April 1 for $33 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Date April 01 General Journal Debit Credit Treasury stock 14,820 Cash 14,820 2 June 14 Cash Treasury stock Additional paid-in capital 3,010 2,660 350 3 September 01 Cash 1,980 Additional paid-in capital Treasury stock 300X 1,680 x
m3
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during the current year. a. On February 15, paid $160,000 cash to purchase GMI’s 90-day short-term notes at par, which are dated February 15 and pay 10% interest (classified as held-to-maturity). b. On March 22, bought 700 shares of Fran Inc. common stock at $51 cash per share. Cancun’s stock investment results in it having an insignificant influence over Fran. c. On May 15, received a check from GMI in payment of the principal and 90 days’ interest on the notes purchased in part a. d. On July 30, paid $100,000 cash to purchase MP Inc.’s 8%, six-month notes at par, dated July 30 (classified as trading securities). e. On September 1, received a $1 per share cash dividend on the Fran Inc. common stock purchased in part b. f. On October 8, sold 30 shares of Fran Inc. common stock for $54 cash per share. g. On October 30, received a…

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