Marigold Co. had the following transactions during the current period.Mar. 2June 12July 11Nov. 28DateJournalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Creditaccount titles are automatically indented when amount is entered. Do not indent manually.)Mar. 2June 12July 11Issued 4,000 shares of $5 par value common stock to attorneys in payment of a bill for $24,700 for servicesperformed in helping the company to incorporate.Nov. 28Issued 62,800 shares of $5 par value common stock for cash of $387,400.Issued 1,975 shares of $100 par value preferred stock for cash at $140 per share.Purchased 1,560 shares of treasury stock for $76,500.Account Titles and ExplanationOrganization ExpenseCommon StockPaid-in Capital in Excess of Stated Value-Common StockCashCommon StockPaid-in Capital in Excess of Stated Value-Common StockCashPreferred StockPaid-in Capital in Excess of Stated Value-Common StockTreasury StockCashDebit24700Credit

JOURNAL ENTRIESJournal Entry is the First stage of the Accounting Process. Journal Entry is the…

Answered: Marigold Co. had the following…

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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Oct. 2 Issued 24,000 shares of common stock for a building with a market value of $130,000. Oct. 6 Issued 550 shares of preferred stock for $160 per share. Oct. 9 Issued 18,000 shares of common stock for cash of $90,000. Declared a $21,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock Oct. 10 Oct. 25 Paid the cash dividend. Assume B- Mobile's net income for the month was $92,000.
Ashvini
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Cre (a) > >
Sierra Corporation engaged in the following share transactions in the first quarter of their fiscal year: 19 Issued 5,500 common shares for cash of $11.50 per share. 3 Sold 2,500 $1.50 Class A preferred shares for $14,000 cash to new investors. Received inventory valued at $30,000 and vehicles with market value of $22,000 for 5,200 common shares. Jul. Aug. 11 Sep. 15 Issued 3,500 $2.00 Class B preferred shares for $14.00 per share. Required 1. Journalize the transactions. Explanations are not required. 2. How much contributed capital did these transactions generate for Sierra Corporation? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 19. Issued 5,500 common shares for cash of $11.50 per share. Journal Entry Date Jul. 19 Accounts Debit Credit
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. (a) 1 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 1,500 additional shares of common stock for $19 per share. Declared a cash dividend on outstanding shares of $2.90 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
A company reported the following stockholders' equity on January 1 of the current year: Common stock-$10 par value, 1,000,000 shares authorized; 260,000 shares issued Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Prepare journal entries for the following selected transactions. March 1 Purchased 11,000 shares of its own stock for $21 cash per share. May 5 Sold 5,000 shares of its treasury stock for $21 cash per share. October 12 Sold 3,000 shares of its treasury stock for $22 cash per share. View transaction list 1 2 Purchased 11,000 shares of its own stock for $21 cash per share. Sold 5,000 shares of its treasury stock for $21 cash per share. 3 Sold 3,000 shares of its treasury stock for $22 cash per share. $ 2,600,000 1,270,000 1,685,000 $ 5,555,000 X Credit >
EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Jun. 10 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Aug. 3 fill in the blank fill in the blank fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank ________shares
The following accounts and their balances appear in the ledger of Young Properties Inc. on November 30 of the current year: Common Stock, $15 par $168,000 Paid-In Capital in Excess of Par 13,440 Paid-In Capital from Sale of Treasury Stock 7,300 Retained Earnings 277,000 Treasury Stock 10, 450 Prepare the Stockholders' Equity section of the balance sheet as of November 30. Fifty thousand shares of common stock are authorized, and 550 shares have been reacquired.
Larkspur, Inc. began operations on April 1 by issuing 66.100 shares of $5 par value common stock for cash at $17 per share. On April 19, it issued 1.750 shares of common stock to attorneys in settlement of their bill of $28,200 for organization costs. In addition, Larkspur issued 1,500 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record issuance of common stock for attorney's fees)
Vishnu

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