If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.

If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11MC: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional...

See similar textbooks

Related questions

Q: Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: If Company issues 3,000 shares of $8 par common stock for $51,000, a. Common Stock will be credited…

A: To record issue of common stock for cash, As cash is received, therefore same will be debited;…

Q: A company issues 1 million shares of common stock with a par value of $0.18 for $16.60 a share. The…

A: Issue share capital at a premium: The journal entry for the issue of the share capital at a premium…

Q: 14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account…

A: Cash received from issue of stock is $240,000.

Q: 1,000 shares of common stock with a par value of $5 is sold for $8. Which of the following is…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: f a company issues 10,000 shares of $2 par value common stock at a market price of $30 per share,…

A: Common stock: Common stock represents the share ownership of the public limited company. Holders of…

Q: Which of the following would be included in the entry to record the issuance of 7,000 shares of $4…

A: The firm can raise funds for the operation of the business. It can be from issuing common stock,…

Q: If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On May 1, Laney Company purchases 4,000 shares of its own $1 par value stock for $24,000. Which…

A: Treasury stock is the entity's own shares which are bought back or repurchased by the entity from…

Q: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional…

A: Introduction: Common stock: Company raises capital by issuing common stock to the public. Splitting…

Q: Alma Corp. issues 1,000 shares of $10 par common stock at $14 per share. When the transaction is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The…

A: Treasury stock is the stock which is bought back by the issuing company. It is also known as…

Q: Alma Corp. issues 2,150 shares of $9 par common stock at $15 per share. When the transaction is…

A: When the share is issued at an excess price than a par value of a share, it is recorded to the…

Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Common Stock will be…

A: Formula: PAR value of common stock = PAR value x Shares issued

Q: If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: If Dakota Company issues 3,200 shares of $10 par common stock for $57,600, Oa. Cash will be debited…

A: Issue of shares Issue of Shares is the process by which companies pass on new shares to…

Q: Nexis Corp. issues 1,960 shares of $11 par value common stock at $15 per share. When the transaction…

A: A journal entry is the recording of financial transactions of business entity in the books of…

Q: A corporation purchases 8,002 shares of its own $10 par common stock for $15 per share, recording it…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: The Snow Corporation issues 9,900 shares of $54 par value preferred stock for cash at $62 per share.…

A: Whenever the preferred stock shares are issued at premium i.e above their par value, the par value…

Q: If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account Common…

A: Paid-in Capital in Excess of Par represents the amount investors pay for shares above their nominal…

Q: If Dakota Company issues 3,000 shares of $9 par common stock for $45,000, a.Paid-In Capital in…

A: Paid-up capital is that part of capital which is paid by the shareholders. The capital is raised…

Q: 17) When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal…

A: Cash (10,000 x $25) 250,000 Common Stock (10,000 x $2) 20,000 Additional Paid-in Capital…

Q: A company issues 10,000 shares of $0.05 par value common stock for $25 per share. Which of the…

A: Definition: Common stock: Common stock is the instrument used by the company for raising funds from…

Q: A corporation purchases 9,515 shares of its own $10 par common stock for $18 per share, recording it…

A: When a corporation purchases its own shares, those reacquired shares are called Treasury shares.…

Q: A corporation issues 6,000 shares of $5 par value commonstock for $8 cash per share. The entry to…

A: Cash received = 6,000 shares x $8 per share = $48,000.

Q: The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share.…

A: Definition: Preferred stock: The stock that provides a fixed amount of return (dividend) to its…

Q: If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Entity H issued 9,000 shares of its $1 par value common stock for $20 per share. Which of the…

A: Common Stock - Common Stock is a stock issued by the organization to raise its equity through…

Q: If Kiner Company issues 1,000 shares of P5 par value common stock for P7o,000, the account Common…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share.…

A: Definition:

Question

If Dakota Company issues 2,900 shares of $9 par common stock for $55,100,

a. Common Stock will be credited for $55,100.

b. Cash will be debited for $26,100.

c. Paid-In Capital in Excess of Par will be credited for $29,000.

d. Paid-In Capital in Excess of Par will be credited for $26,100.

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.

Unlock instant AI solutions

Tap the button
to generate a solution

Click the button to generate
a solution

SEE SOLUTION

Similar questions

A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to cash
If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited for $6,600. b.Common Stock will be credited for $24,200. c.Paid-In Capital in Excess of Par will be credited for $17,600. d.Paid-In Capital in Excess of Par will be credited for $6,600.
If Dakota Company issues 3,200 shares of $10 par common stock for $57,600, Oa. Cash will be debited for $32,000. Ob. Paid-in Capital in excess of Par Value will be credited for $32,000. Oc. Common Stock will be credited for $57,600. Od. Paid-in Capital in excess of Par Value will be credited for $25,600.
If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 O Cash will be debited for S66,000
If Kiner Company issues 1,000 shares of P5 par value common stock for P70,000, the асcount O Common Stock will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P70,000. Cash will be debited for P65,000.
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.
14)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account a)Common Stock will be debited for $210,000. b)Cash will be debited for $210,000. c)Paid-in Capital in Excess of Par Value will be credited for $180,000. d)Paid-in Capital in Excess of Par Value will be credited for $30,000.
A corporation purchases 8,002 shares of its own $10 par common stock for $15 per share, recording it at cost. What will be the effect on total stockholders' equity? a.increase by $40,010 b.increase by $120,030 c.decrease by $40,010 d.decrease by $120,030
If Dakota company issues 1500 shares of six dollar par common stock for $75,000, which of the following would be true? A) Common stock will be credited for 75,000 B) Paid in capital in excess of power will be credited for 9000 C) Paid in capital in excess of power will be credited for 66,000 D) Cash will be debited for 66,000
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.
A corporation issues 6,000 shares of $5 par value commonstock for $8 cash per share. The entry to record this transactionincludesa. A debit to Paid-In Capital in Excess of Par Value for$18,000.b. A credit to Common Stock for $48,000.c. A credit to Paid-In Capital in Excess of Par Value for$30,000.d. A credit to Cash for $48,000.e. A credit to Common Stock for $30,000.
Alma Corp. issues 1,040 shares of $9 par common stock at $15 per share. When the transaction is recorded, credit(s) are made to