On January 22, Ireland Corporation issued for cash 34,000 shares of no-par common stock at $20. On February 14, Ireland issued at par value 8,000 shares of preferred 3% stock,$50 par for cash. On August 30, Ireland issued for cash 13,000 shares of preferred 3% stock, $50 par at $56.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. 22Feb. 14Aug. 30000 00 000000 00088

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

Answered: On January 22, Ireland Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sunland Corporation issued 310 shares of $10 par value common stock for $4,650.Prepare Sunland’s journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
On May 10, Ayayai Corp. issues 1,000 shares of $4 par value common stock for cash at $11 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10
On April 2 a corporation purchased for cash 6,000 shares of its own $13 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 2,000 shares were sold on November 10 for $23 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.
Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par common stock (with a stated value of $2) at $6, and on August 3, it issued for cash 30,000 shares of $65 par preferred stock at $68. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 12 Cash Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?$
On January 22, treland Corporation issued for cash 20,000 shares of no-par common stock at $30. On February 14, Ireland issued at par value 8,000 shares of preferred 3% stock, $60 par for cash. On August 30, Ireland issued for cash 12,000 shares of preferred 3% stock, $60 par at $64. 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
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
On May 10, Skysong, Inc. issues 2,200 shares of $5 par value common stock for cash at $15 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10
Pronghorn Corp purchased 2,100 shares of its $10 par value common stock for $79,800 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 120,000 shares of no-par common stock (with a stated value of $3) at $12, and on June 30, it issued for cash 15,000 shares of preferred stock, $65 par at $72.a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?$
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,000 shares of $4 par value common stock for $317,000 cash. b. On April 1, OP Company issues no-par value common stock for $83,000 cash. c. On April 6, MPG issues 3,300 shares of $15 par value common stock for $52,000 of inventory, $140,000 of machinery, and acceptance of a $102,000 note payable. View transaction list Journal entry worksheet 1 2 3 > Record the issuance of 49,000 shares of $4 par value common stock for $317,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS