Martian Magic issued 800 shares of $50 par preferred stock and 1,000 shares of $1 par common stock in a "package" sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share. Required: Indicate the accounts and amounts credited in the entry to record the issuance of the stock. Round amounts to the nearest dollar. Account Amount   $fill in the blank 2   $fill in the blank 4   $fill in the blank 6   $fill in the blank 8

Q: On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3,…

A: Gain or loss on sale of Treasury stock is adjusted to Paid-in Capital from sale of Treasury stock

Q: If Company issues 3,000 shares of $8 par common stock for $51,000, a. Common Stock will be credited…

A: To record issue of common stock for cash, As cash is received, therefore same will be debited;…

Q: a. Issued 1,000 shares of $10 par common stock at $59 for cash. b. Issued 1,400 shares of $10 par…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Accounting Instructions: Complete the journal entries for the following events. Enter numbers…

A: Journal means the book of original entry where the entry is passed for the very first time after…

Q: Advance Medical Imaging, Inc. reacquired 2,000 shares of its $5 par common stock at $15 a share. The…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $93,500 cash on February 20.…

A: JOURNAL ENTRY   Journal Entry is the Process of Recording Financial and Non financial Transactions…

Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $23 per…

A: A preferred stock is a class of stock that is granted certain rights that differ from common stock…

Q: On 2/1, Curly's Hair Supply purchased 11,000 shares of treasury stock at $4 per share. On 11/1,…

A: Treasury stock is stock repurchased by the issuer and intended for retirement or resale to the…

Q: On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2)…

A: Given that: Common stock shares issued = 2000 shares Preferred Stock shares = 3000 shares

Q: On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $5)…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Scenario 1: Market prices known for both common and preferred stockJournal Entry:Account Titles and…

Q: Larkspur Inc. issues 7,600 shares of $100 par value preferred stock for cash at $104 per share.…

A: Preferred stock is a type of equity which indicates ownership in organization. In order to raise…

Q: company issued for cash 1,600 -par common stoCK (With May 15, it issued for cash 6,000 Journalize…

A: solution journal entries Date Account and explanation Debit Credit May 10 Cash…

Q: On January 22, Ireland Corporation issued for cash 34,000 shares of no-par common stock at $20. On…

A: Journal entries refers to the official book of a company which is used to record the day-to-day…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

Q: On January 22, Erin Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Date Account Titles and Explanation Debit Credit January 22 Cash (12,000 x $45) $540,000     To…

Q: Rodriguez Corporation issues 18,000 shares of its common stock for $99,300 cash on February 20.…

A: The shares that has no par or stated value, do not involve any additional paid in capital balance.…

Q: Journalize the entries to record the January 22, February 14, and August 30 transactions. If an…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $3)…

A: Common stock and preferred stock are two different types of shares issued by the entity for raising…

Q: On April 1, 12,000 shares of $6 par common stock were issued at $22, and on April 7, 6,000 shares of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per…

A: Hello student! Common Stock or Ordinary Shares are shares that has voting rights in the decision…

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $76,900 cash on February 20.…

A: Shares are the instrument which has been used by the company to get capital from the market, there…

Q: A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the…

A: The journal keeps the record of the transactions on regular basis. The treasury stock includes the…

Q: Accounting Question

A: The cost of goods sold is the total cost incurred for manufacturing the goods that are to be sold.…

Q: A company issued 50 shares of $100 par value common stock for $7,400 cash. The journal entry to…

A: INTRODUCTION: Common stock is a sort of investment that reflects equity ownership in a firm. Other…

Q: Prepare entries to record the following: (Must use proper journal format) (a) Issued 1,000 shares…

A: When a company issues common stock, it records the par value of the stock in the 'Common Stock'…

Q: Complete the following problem Jan.  Issued 1,000 shares of Common Stock, $2 par for $12 per share.…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Rodriguez Corporation Issues 13,000 shares of Its Journal entries to record this event under each of…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 per…

A: Treasury stock is that stock which is being repurchased by the business from the open market. This…

Q: On April 1, 9,000 shares of $8 par common stock were issued at $22, and on April 7, 2,000 shares of…

A: Company means a form of business where the share holder invest money in business in form of shares…

Q: Caesar Cruise Lines, Inc. issues 6000 shares of common stock with a $1 par value. The issue price of…

A: The objective of the question is to determine the correct journal entry to record the issuance of…

Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 79,000 shares of its common stock at…

A: Solution:- Preparation of journal entries as follows under:-

Q: Complete the necessary journal entry by selecting the account names from the drop-down menus and…

A: Issue of Shares for cash is a one of the source of raising finance for a company. Equity…

Q: 1. Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value,…

A: Solution...     1. Cash received on issuance  = 5,000 shares * $102 per share  = $510,000  Par value…

Q: 990; Credit to Additional Paid-in Capital, $10 21.000

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Rodriguez Corporation issues 16,000 shares of its common stock for $163,100 cash on February 20.…

A: Journal entries are the transactions which are reported by the business entity in the books of…

Q: On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $27 per…

A: Treasury stocks are repurchased shares of the company. The firm has the power to reissue these…

Q: Prepare the journal entry to record Autumn Company's issuance of 71,000 shares of no-par value…

A: Solution in step - 2 .

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.