Journalize this transaction
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On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current market price of $73.
Journalize this transaction. If an amount box does not require an entry, leave it blank or enter "0".
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- I am in Cengage doing a journal entry in a drop-down answer format. In (a) it says that cash $15k was paid to common stock, do I put cash as -15k and common stock as just 15k, or do they both go down as 15k?After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 280,106 and a credit of RO230,547. At the same date, Share Capital has a credit balance of RO 500,000, and Dividends has a balance of RO 22,000. The entry to complete the closing of Income Summary will include a:On August 1, Sunland Company buys 1,000 shares of Estrada common stock for $28,500 cash. On December 1, Sunland sells the stock investments for $31,500 in cash.Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1Dec. 1 Aug. 1Dec. 1
- The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2, before the temporary accounts had been closed. The Cash balance was $3,130, and Notes Payable amounted to $4,300. The company had revenues of $3,690 and expenses of $2,960. The company's Land account had a $5,500 balance. Dividends amounted to $300. The balance of the Common Stock account was $90O. Required a. Identify which accounts would be classified as permanent and which accounts would be classified as temporary. b. Assuming that Wyckoff's beginning balance (as of January 1, Year 2) in the Retained Earnings account was $3,000, determine its balance after the temporary accounts were closed at the end of Year 2. c. What amount of net income would Wyckoff Company report on its Year 2 income statement? Complete this question by entering your answers in the tabs below. Req A Req B and C Identify which accounts would be classified as permanent and which accounts would be…The ledger of Mai Company includes the following accounts with normal balances: Common Stock $11,000; Dividends $1,800; Services Revenue $33,000; Wages Expense $18,400; and Rent Expense $5,600. Prepare the necessary closing entries from the available information at December 31.Please do not give image format
- Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (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 entries in the order displayed in the problem statement.)Cherokee Company began operations when it issued common stock for $107,500 cash. It paid $96,750 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $123,625 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Reg A and B Req C Reg D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is…On December 31, 2023, Carla Vista Corporation, a public company, had the following shareholders' equity accounts: CARLA VISTA CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders' equity Common shares (unlimited number of shares authorized, 95,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $9: on December 30, $10, and on January 15, $9. July Dec. 15 Determined that profit before income tax for the year was $413,000. The company has a 30% income tax rate. 1 $1,145,000 560,000 $1,705,000 31