**Kling Incorporated Financial Transaction Analysis****Company Formation Date:**- January 1, Year 1**Assumption:**- All events occurred on January 1, Year 1, unless otherwise specified.**REQUIREMENT 1:**- Record the following transactions. Enter negative numbers with a negative sign (e.g., -10,000). For accounts where no amount is needed, enter 0.**Transaction 1:**- **Event:** Issued 12,000 shares of $6 par value common stock for $77,000 cash.**Balance Sheet Representation:**1. **Assets** - **Cash**: [Box for entry]2. **Liabilities** - **Notes Payable**: [Box for entry]**Stockholders' Equity:**- **Common Stock**: [Box for entry]- **PIC in Excess (Paid-In Capital in Excess of Par)**: [Box for entry]- **Retained Earnings**: [Box for entry]**Income Statement:**- **Revenue**: [Box for entry]- **Expenses**: [Box for entry]- **Net Income**: [Box for entry]**Diagram/Graph Explanation:**- The table is divided into sections for Assets, Liabilities, Stockholders' Equity, and Income Statement. These sections help record and analyze financial transactions by showing changes in the company's financial position. Each section has corresponding boxes for data entry.

Balance sheet is a financial statement that shows list of final ending balances of assets,…

Answered: Kling Incorporated was formed on…

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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On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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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
Blossom Company has these accounts at December 31: Common Stock, $9 par, 4,800 shares issued, $43,200; Paid-in Capital in Excess of Par $34,900; Retained Earnings $47,000; and Treasury Stock, 500 shares, $11,500. Prepare the stockholders' equity section of the balance sheet. (Enter the account name only and do not provide the descriptive information provided in the question.) Blossom Company Balance Sheet (Partial) December 31 $ $
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1. Analyze each transaction from issuances of stock by showing its effect on the accounting equation specifically, identify the accounts and amounts (including + or -) for each transaction. 1. 2. 2. 2. 3. 3. 4. [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $1 per share stated value. 4 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $50 par value preferred stock for $138,500 cash. Assets = = Liabilities + + Equity
The dates of importance in connection with a cash dividend of $143,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date using the chart of accounts below. If no entry is required, enter "No Entry Required" and leave the amount boxes blank. Cash Cash Dividends Cash Dividends Payable No Entry Required Stock Dividends Stock Dividends Payable Common Stock Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. Date Account Debit Credit Jan. 15 Feb. 15 I For Blank 9 Mar. 15 THIS OUESTION WILL ALSO BE CHECKED MANUALLY (to make adiustments for tvpos).
The declaration, record, and payment dates in connection with a cash dividend of $115,900 on a corporation's common stock are January 12, March 13, and April 12. Required: 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
An inexperienced accountant for Blue Spruce Corp. made the following entries. July 1 Sept. 1 Cash Date Common Stock (Issued 32,000 shares of no-par common stock, stated value $8 per share) Common Stock Retained Earnings Cash (Purchased 4,000 shares issued on July 1 for the treasury at $16 per share) Account Titles and Explanation 290,000 Debit 30,000 34,000 On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 290,000 64,000 Credit
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a. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…

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