Obj. 2 On January 22, Zentric Corporation issued for cash 160, 000 shares of no- par common stock at $8. On February 14, Zentric issued at par value 45, 000 shares of preferred 2% stock, $50 par for cash. On August 30,Zentric issued for cash 10,000 shares of preferred 2% stock, $50 par at $56. Journalize the entries to record the January 22, February 14, and August 30 transactions.

The journal entries are prepared to record the transactions on regular basis. The cash received in…

Answered: Obj. 2 On January 22, Zentric…

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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Entries for Issuing Stock On January 22, Erin Corporation issued for cash 33,000 shares of no-par common stock at $45. On February 14, Erin issued at par value 10,000 shares of preferred 4% stock, $50 par for cash. On August 30, Erin issued for cash 28,000 shares of preferred 4% stock, $50 par at $55. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug. 30 DD
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 shares of 1%, $60 par preferred stock at par for cash. On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70. Required: Journalize the entries to record the February 13, September 9, and November 23 transactions. If an amount box does not require an entry, leave it blank. Feb. 13 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Sept. 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Nov. 23 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24
Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 30,000 shares of no-par common stock at $30. On February 14, Shamrock issued at par value 9,000 shares of preferred 6% stock, $75 par for cash. On August 30, Shamrock Corporation issued for cash 30,000 shares of preferred 6% stock, $75 par at $79. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug. 30
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of preferred stock, $60 par at $72. a. Journalize the entries for October 31 and November 19. If an amount box does not require an entry, leave it blank. Oct. 31 Common Stock Paid-In Capital in Excess of Par-Common Stock Nov. 19 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock
January 1: Walgreens reacquires 2,400 shares of its $18 par value Common Stock for $79 per share.March 5: Walgreens reissues 1,200 of the above-mentioned shares for $90 per share. Using the above information, the journal entry to record the March 5th transaction will be: Select one: a. Debit Credit Cash 108,000 Treasury Stock 108,000 b. Debit Credit Cash 108,000 Treasury Stock 94,800 APIC – TS 13,200 c. Debit Credit Cash 108,000 Treasury Stock 21,600 APIC – TS 86,400 d. Debit Credit Cash 108,000 Treasury Stock 94,800 Gain on Sale of TS 13,200 e. Debit Credit Cash 108,000 Treasury Stock 94,800 Investment Income 13,200
Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $30. On February 14, Shamrock issued at par value 1,000 shares of preferred 4% stock, $80 par for cash. On August 30, Shamrock issued for cash 13,000 shares of preferred 4% stock, $80 par at $90. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash fill in the blank 2 fill in the blank 3 Common Stock fill in the blank 5 fill in the blank 6 Feb. 14 Cash fill in the blank 8 fill in the blank 9 Preferred Stock fill in the blank 11 fill in the blank 12 Aug. 30 Cash fill in the blank 14 fill in the blank 15 Preferred Stock fill in the blank 17 fill in the blank 18 Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 20 fill in the blank 21
Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. Repurchased 3,040 shares of the common stock at $20 per share. November 9 Required: Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank. Mar. 22 Nov. 9 00 00
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Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 35,000 shares of $25 par common stock at $85, and on February 27, it issued for cash 100,000 shares of preferred stock, $5 par at $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 fill in the blank d725e7f4ff95fb3_2 fill in the blank d725e7f4ff95fb3_3 fill in the blank d725e7f4ff95fb3_5 fill in the blank d725e7f4ff95fb3_6 fill in the blank d725e7f4ff95fb3_8 fill in the blank d725e7f4ff95fb3_9 Feb. 27 fill in the blank d725e7f4ff95fb3_11 fill in the blank d725e7f4ff95fb3_12 fill in the blank d725e7f4ff95fb3_14 fill in the blank d725e7f4ff95fb3_15 fill in the blank d725e7f4ff95fb3_17 fill in the blank d725e7f4ff95fb3_18 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$fill in the blank…
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 45,000 shares of $12 par common stock at $41, and on February 27, it issued for cash 130,000 shares of preferred stock, $5 par at $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Feb. 27 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$

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