Journalize the tRansactions Grey Star Mutual Inc was started by A. Pimento on July 1, 2024. The following events antransactions took place during the month of July:July:1: Stockholders invested $50,000 cash in exchange for common stock1: Paid $4,800 in cash for rent for the period July 1, 2024 - June 30, 20254: Purchased office furniture for $4,200 cash4: Purchased supplies for $1,000 cash8: Incurred advertising expense of $3,500 on account10: Received $6,000 in service revenue15: Hired an employee, with a salary of $3,000 per month. The employee will be paid everother Friday15: Receives $2,000 from a client for services for the period July 16th through September 117: Declared and paid a $1,400 cash dividend26: Paid employee's salary of $1,50029: Paid $1,000 of the balance owed for advertising incurred on July 8th

July 1: Stockholders invested $50,000 cash in exchange for common stock.Step 1: The company receives…

Answered: Grey Star Mutual Inc was started by A.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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On January 1, Ivanhoe Corporation had 62,000 common shares issued. During the year, the following transactions occurred. Apr. 1 Issued 8,700 additional common shares for $66 cash per share. June 15 July 10 Dec. 1 Dec. 15 Prepare the entries, if any, at each of the above dates. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Apr. 1 June 15 June 30 Declared a cash dividend of $1.50 per share to common shareholders of record on June 30, payable on July 10. Paid the $1.50 cash dividend. Issued 4,100 additional common shares for $67 per share. Declared a cash dividend of $1.75 per share to common shareholders of record on December 31, payable January 10. July 10 Account Titles and Explanation Cash Common Shares Debit 574200
The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation’s common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS 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 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess…
Karen Noonan opened Sage Hill Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 Issued 4,100 shares of Sage Hill Cleaning Services common stock for $10,660. Each share has a $1.50 par. 1 Borrowed $6,560 on a 2-year, 6% note payable. 1 Paid $7,400 to purchase used floor and window cleaning equipment from a company going out of business ($3,950 was for the floor equipment and $3,450 for the window equipment). 1 Paid $180 for February Internet and phone services. 3 Purchased cleaning supplies for $800 on account. 4 Hired 4 employees. Each will be paid $390 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9. 5 Obtained insurance coverage for $8,070 per year. Coverage runs from February 1, 2022, through January 31, 2023. Karen paid $2,018 cash for the first quarter of coverage. Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to…
On May 1, Splish Brothers Corporation purchased 3,200 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 800 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation No. Debit Credit
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 >
The dates of importance in connection with a cash dividend of $61,000 on a corporation’s common stock are January 15 and March 15. Required: Journalize the entries required on each date. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322…
The dates of importance in connection with a cash dividend of $81,000 on a corporation’s common stock are January 15 and March 15. Required: Journalize the entries required on each date. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction.\ CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322…
On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 109,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (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 appropriate journal entry on April 15 related to the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit April 15 Record entry Clear entry View general journal
On July 1, Wildhorse Co. purchases 560 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 370 shares of the treasury stock for cash at $11 per share.Journalize the two treasury stock transactions. Date Account Titles and Explanation Debit Credit Choose a transaction date Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount
On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)
Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
On March 8, Blossom inc., a publicly traded company, issued 5,700 preferred shares for cash of $31 per share. On April 20, when the shares were trading at $35, the company issued an additional 3,600 preferred shares in exchange for land with a fair value of $130,500. (a) Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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.) Date Account Titles Debit Credit

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