Mainland Resources Inc. began operations on June 5, 2023.2023June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legalservices valued at $83,800.15 Received $21 cash per share for the issuance of 68,000 common shares.16 Issued 10,000 preferred shares for cash of $32 per share.17 8,000 common shares were issued to a creditor who was owed $123,000.18 The board of directors declared a cash dividend of $18,800 on the preferred shares and $4,300 on thecommon shares to shareholders of record on June 20, payable July 1.30 143,000 common shares were issued in exchange for machinery with a fair market value of $2,345,000. Theshares were actively trading on this date at $15.00 per share.July 1 The dividends declared on June 18 were paid.Required:Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used fordeclaring dividends.View transaction listJournal entry worksheet<1234 5 6 7>Record the issue of 4,000 common shares to promoters.Note: Enter debits before credits.DateJune 05, 2023General JournalDebitCreditRecord entryClear entryView general journal

The objective of the question is to record the equity transactions of Mainland Resources Inc. in the…

Answered: Mainland Resources Inc. began…

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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2- During its first year of operations, Sitwell SE had the following transactions pertaining to its ordinary shares. Jan. 10 Issued 80,000 shares for cash at €5 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for €30,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at €7 per share. Sept. 1 Issued 60,000 shares for cash at €11 per share. Instructions Prepare the journal entries for these transactions, assuming that the ordinary shares have a par value of €2 per share.
Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1. Paid the state $5,000 for incorporation fees Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000. July 2. Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares of common stock for the treasury at $8 per share. Dec. 6. Sold 11,000 shares of the treasury stock at $11 per share. Journalize the transactions for Halpern Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount…
A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit to Organization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $ 2,600 credit to Common Stock.
The charter of a corporation provides for the issuance of 94,560 shares of common stock. Assume that 42,608 shares were originally issued and 3,393 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a.$42,608 b.$94,560 c.$3,393 d.$78,430
A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include: Multiple Choice A credit to Common Stock for $95,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $104,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $199,500. A credit to Common Stock for $104,500. A debit to Cash for $95,000. O
Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity account
The charter of a corporation provides for the issuance of 108,244 shares of common stock. Assume that 44,779 shares were originally issued and 4,084 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a. $4,084 b. $44,779 c. $108,244 d. $81,390
he charter of a corporation provides for the issuance of 99,542 shares of common stock. Assume that 39,624 shares were originally issued and 3,225 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a.$3,225 b.$99,542 c.$39,624 d.$72,798
The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2020 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $32,000. Feb. 21 17,500 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $113,100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $320,000, $425,000, and $117,000, respectively. Required:Prepare journal entries.
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The charter of a corporation provides for the issuance of 95,662 shares of common stock. Assume that 37,907 shares were originally issued and 3,885 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a.$68,044 b.$3,885 c.$95,662 d.$37,907
The charter of a corporation provides for the issuance of 118,000 shares of common stock. Assume that 44,000 shares were originally issued and 3,100 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1-per-share dividend is declared? a.$44,000 b.$118,000 c.$40,900 d.$3,100

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