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 -

Q: On April 1, 10,000 shares of $5 par common stock were issued at $24, and on April 7, 4,000 shares of…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

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: 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: A corporation issues 1,500 shares of common stock for $32,000. The stock has a par value of $10 per…

A: Company may raise capital or funds from the issue of common stock or preference stock. When these…

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: 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: Entries for Stock Dividends Vienna Corporation has 33,000 shares of $60 par common stock…

A: Stock Dividend = 33,000 x 2%                          = 660 Shares Value of Stock Dividend = 660…

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: 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: Tropical Rainwear issues 2,000 shares of its $15 par value preferred stock for cash at $17 per…

A: Number of shares issued = 2,000 Par value of the stock = $15 Issue price of the stock = $17

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 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: Prepare the journal entry to record Zende Company’s issuance of 75,000 shares of $4 par value common…

A: Journal entry is the first stage of accounting process. Journal entry used to record business…

Q: K Eastern Corporation issued 5,000 shares of no-par common stock for $4 per share on December 13.…

A: The capital of any firm is divided into smaller and smaller units known as Shares or Stock. It can…

Q: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5.…

A: Common Stocks and Preferred Stocks are the modes of raising funds for the Comapny. Common stock…

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 October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 130,000 shares of $5 par…

A: The objective of the question is to journalize the entries for the issuance of common and preferred…

Q: Enter the beginning balances in the accounts, and post the journal entries to the stockholders'…

A: A company's double-entry accounting system is built on the general ledger. Journal entry becomes the…

Q: Treasury stock that had been purchased for $4,550 last month was reissued this month for $5,042.…

A: Formulas: Excess of cost = Reissue price - Purchase price Excess of cost = $5,042 - $4,550 Excess of…

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: 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: 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: Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20.…

A: Lets understand the basics. Stated value or par value is a value which is assign to corporation's…

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: Date Account Titles and Explanations  Debit   Credit  May'1 Cash  (10,000 shares X $ 30 per share)…

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

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: 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: Prepare the journal entry to record Zende Company's issuance of 65,000 shares of $4 par value common…

A:

Q: Astro Corporation was started with the issue of 5,000 shares of $11 par stock for cash on January 1,…

A: Financial Statement -An organization's management will draft financial statements, which are…

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: 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 $7 par common stock were issued at $24, and on April 7, 6,000 shares of…

A: There is also the option for companies to issue shares at a value that is greater than the face…

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: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 100,000 shares of $5 par…

A: Workings: Issued 100000 shares @ 9 each = 100000 x 9 = 900000 Par value of each is 5 = 100000 x 5 =…

Q: On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per…

A: Apr, 2 Treasury Stock $196,000               Cash   $196,000

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: Prepare the journal entry to record Zende Company's issuance of 84,000 shares of $8 par value common…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12…

A: Given that issued common stock = 2300 shares stated value = $12 per share

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

A: Lets understand the basics. For recording financial event and transaction, journal entry is required…

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 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: Western Wear Clothing issues 1,000 shares of its $0.01 par value common stock to provide funds for…

A: Journal entry is make to record event and transaction that occur during particular period. It is…

Q: Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance…

A: Stockholders Equity Section of the balance sheet shows all information with respect to common stock,…

Q: On April 1, 10,000 shares of $6 par common stocK Were issued at $24, and on April 7, 6,000 shares of…

A: Date Accounts titles and Explanation Debit ($) Credit ($) Apr-01 Cash(10000*24)            240,000…

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.