Kinmel, Financial Accounting, 8e JS Hele I Sstem Announcements Problem 11-5A (Part Level Submission) Whispering Winds Corp. has been authorized to issue 20,600 shares of $100 par value, 7%, noncumulative preferred stock and 1,160,000 shares of no-par common stock. ONDNATOS The corporation assigned a $5 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $156,000 Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock 21,600 1,990,000 Treasury Stock (4,600 common shares) 1,570,000 46,000 Retained Earnings 83,600 Accumulated Other Comprehensive Income 49,600 The preferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock were purchased for the treasury at a per share cost of $10. Nd v (a) Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" or O for the amounts.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1.
Kinmel, Financial Accounting, 8e JS Hele I Sstem Announcements Problem 11-5A (Part Level Submission) Whispering Winds Corp. has been authorized to issue 20,600 shares of $100 par value, 7%, noncumulative preferred stock and 1,160,000 shares of no-par common stock. ONDNATOS The corporation assigned a $5 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $156,000 Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock 21,600 1,990,000 Treasury Stock (4,600 common shares) 1,570,000 46,000 Retained Earnings 83,600 Accumulated Other Comprehensive Income 49,600 The preferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock were purchased for the treasury at a per share cost of $10. Nd v (a) Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" or O for the amounts.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kimmel, Financial Accounting, 8e
JS telo I System Announcements
Problem 11-5A (Part Level Submission)
Whispering Winds Corp. has been authorized to issue 20,600 shares of $100 par value, 7%, noncumulative preferred stock and 1,160,000 shares of no-par common stock
CRLCELATION
The corporation assigned a $5 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity.
Preferred Stodk
$156,000
Paid-in Capital in Excess of Par Value-Preferred Stock
21,600
1,990,000
1,570,000
Common Stock
Paid-in Capital in Excess of Stated Value--Common Stock
Treasury Stock (4,600 common shares)
46,000
Retained Earnings
Accumulated Other Comprehensive Income
83,600
49,600
The preferred stock was issued for $177,600 cash. All common stock issued was for cash. In November 4,600 shares of common stock were purchased for the treasury at a per share cost of $10. No divida
v (a)
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
O for the amounts.)
(1)
Issuance of preferred stock for cash.
Issuance of common stock for cash.
(2)
(3)
Purchase of common treasury stock for cash.
Debit
Credit
No. Account Titles and Explanation
1.
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