On April 1, 10,000 shares of $6 par common stocK Were issued at $24, and on April 7, 6,000 shares of $60 par preferred stock were issued at $106. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apг. 1 Apr. 7

On April 1, 10,000 shares of $6 par common stocK Were issued at $24, and on April 7, 6,000 shares of $60 par preferred stock were issued at $106. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apг. 1 Apr. 7

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On June 1, Marigold Inc. issues 2,950 shares of no-par common stock at a cash price of $7 per share.…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

A: Total paid in capital is the amount of capital which includes the common stock, preferred stock,…

Q: How do I do it

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: Whenever any event occurs in the business and it can be measured and expressed in terms of money, it…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 110,000 shares of $8 par…

A: Stocks are issued by the company to raise the funds. There are mainly two types of funds; 1) Common…

Q: Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

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

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: On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of…

A: April 1: Issuance of Common StockAccountdebit($)credit($)cash2,20,000commono stock50,000paid in…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 120,000 shares of $5 par…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 25,000 shares of…

A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

Q: Entries for Isuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Amount received for issue of shares in excess of par value will be credited to paid in capital…

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: Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Solution a: Pidgeon Stones Inc. - Journal Entries Date Particulars Debit Credit 31-Oct Cash…

Q: Rodriguez Corporation issues 20,000 shares of its common stock for $326,000 cash on February 20.…

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

Q: eBook Show Me How Calculator E Print Item Entries for Issuing stock Instructions Chart of Accounts…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 100,000 shares of $8 par…

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

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Issue of stock means to sell the shares of the entity in the market. The selling of shares could be…

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

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Joung Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash…

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

Q: Rodriguez Corporation issues 12,000 shares of its common stock for $124,300 cash on February 20.…

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

Q: when a company issues 31,000 shares of $3 per value common stock for $30 per share, the journal…

A: Journal means the book of original entry where the first time entry is passed. When share has been…

Q: preferred stock were issued at $106. entries for April 1 and 7. Refer to the Chart of Accounts for…

A: When the a company issues stock, the issue price may be higher than the par value of the stock. The…

Q: Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued…

A: To prepare journal entries first we need to understand the Golden Rules of Accounting and the types…

Q: On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of…

A: Journal entries are the transactions recorded by the entity for the purpose of preparing a daily…

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: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.

A: The company can raise funds by various methods. One of them is by issuing common stock. The common…

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Shares issued at a cost above its stated or par value is called premium on shares. It is the…

Q: Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: The shareholders equity comprises of issued capital, retained earnings, etc. The total paid in…

Q: On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share.…

A: Cash value will be = Number of shares * Cash price Cash value will be = 1,300 *8 Cash value will be…

Q: Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per…

A: If common stock or preference stock is issued at premium then the journal entry comprises of credit…

Q: In august 1, 10,000 shares of $10 per common stock were issued at $30. On August 7, 5,000 shares of…

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

Q: Current Attempt in Progress On May 10, Sarasota Corporation issues 2,800 shares of $10 par value…

A: Face value of the share is the stock value given to the shares and printed in the share certificate.…

Concept explainers

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.

Question

On April 1, 10,000 shares of $6 par common stock were issued at $24, and on April 7, 6,000 shares of $60 par preferred stock were issued at $106.
Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank.
Apr. 1
Apr. 7
( Previous
ms
Next
to search
3:27 PM
53°F Sunny
(中ツ
12/14/2021
114
delete
144
pause
home
alt
USE YOUR SMARTPHONE FOR
Reviews Videos Features

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Entries for issuing par stock Instructions Chart of Accounts Instructions Journal Final Question On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred stock, $9 par at $12. Required: a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $3 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $58,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. Journal entry worksheet Li
Please avaoid solution image format thanks
On April 1, 8,000 shares of $5 par common stock were issued at $23, and on April 7, 5,000 shares of $50 par preferred stock were issued at $105. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apr. 1 - Select - - Select - - Select - - Select - - Select - - Select - Apr. 7 - Select - - Select - - Select - - Select - - Select - - Select -
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…
On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 140,000 shares of $8 par common stock at $12, and on November 19, it issued for cash 60,000 shares of preferred stock, $18 par at $61. a. Journalize the entries for October 31 and November 19. If an amount box does not require an entry, leave it blank. Oct. 31 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Nov. 19 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?$fill in the blank
On April 2, 9000 shares of $6 Par common stock were issued at $22 and on april 7, 4000 shares of $60 par preferred stock were issued at $104. Journalize the entries for april 2 and 7.
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 $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Feb. 27 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$
On September 1, 20,000 shares of $4 par common stock were issued at $20, and on December 17, 10,000 shares of $20 par preferred stock were issued at $27. Prepare the journal entries.