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.

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: Rodriguez Corporation issues 14,000 shares of its common stock for $237,500 cash on February 20.…

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

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par…

A: The firm can raise the amount through different modes some of them are, by issuing common stock, by…

Q: On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common stock at…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: What is meant by Journal entries? It is the first step to record the financial transactions in the…

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $82,300 cash on February 20.…

A: Common Stock is a ledgers that represents amount raised by the organization by issuing shares to the…

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: 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: Firefly, Inc., reported the following results for the year ending July 31: Retained earnings, August…

A: Introduction: Retained earnings are a component of a company's financial statement that displays the…

Q: Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $31 per…

A: Additional paid in capital in excess of par = (Issue value per share - Par value per share) x No. of…

Q: On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a…

A: The reporting of the transactions in the accounting books can primarily be done by recording Journal…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Shares refer to the market security that the company issue to raise funds from the market by…

Q: Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of…

A: Given that: Par value of common stock = $60 Par value of preference stock = $20

Q: Elk Co. issues 1,000 shares of $5 par common stock for $30,000. The firm used Pilot’s Underwriting…

A: The shares can be issued for cash or non cash assets. The excess amount received for shares issued…

Q: Concord Corporation has 48,000 shares of $10 par value common stock outstanding. It declares a 12%…

A: Stock Dividend: It implies the distribution of dividends to the company's shareholders in the form…

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 February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par…

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

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: Pro-Builders Corporation has 242,000 shares of $30 par common stock outstanding. On September 2,…

A: INTRODUCTION Dividend is distribution of company’s profit and it is paid in the form of cash or…

Q: Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash…

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

Q: Rodriguez Corporation issues 14,000 shares of its common stock for $237,500 cash on February 20.…

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

Q: On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 60…

A: Note: When stock dividend is issued then retained earnings is decreased by the market value of the…

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: What is the journal entry for the entry?   Flounder Corp. is authorized to issue both preferred and…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: During Year 1, Long Beach Corporation completed the treasury stock transactions described below:…

A: Treasury stock refers to that stock which has been repurchased by a company. Note that this stock…

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: 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: Vienna Corporation has 23,000 shares of $70 par common stock outstanding. On August 2, Vienna…

A: Stock dividends are the dividends issued by the company to give out bonus stock to the existing…

Q: Larkspur, Inc. has 49,000 shares of $10 par value common stock outstanding. It declares a 10% stock…

A: Journal entries are recording of the transaction in the accounting journal in chronological order.…

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: Sierra Systems completed the following stock issuance​ transactions: More info May 19…

A: Journal Entries - Journal Entries are the records of the transactions entered by the organization…

Q: Sheridan Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value…

A: Given information is: Common stock shares = 335 shares  Preferred Stock shares = 103 shares

Q: please fill the pictures in: Rodriguez Corporation Issues 8,000 shares of Its common stock for…

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

Q: Rodriguez Corporation issues 6,000 shares of its common stock for $87,500 cash on February 20.…

A: Given,  Number of shares issued = 6,000 Total issue price = $87,500

Q: Rodriguez Corporation issues 17,000 shares of its common stock for $288,000 cash on February 20.…

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

Q: Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value…

A: Par value of shares = $1  Following transactions incurred:  On Jan 1 - Issued 700 common stock for…

Q: Vienna Corporation has 31,000 shares of $90 par common stock outstanding. On June 8, Vienna…

A: Stock Dividend: 'Stock dividend' is a dividend paid in the form of stocks. The stock dividend does…

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.