On March 8, Blossom inc., a publicly traded company, issued 5,700 preferred shares for cash of $31 per share. On April 20, when theshares were trading at $35, the company issued an additional 3,600 preferred shares in exchange for land with a fair value of$130,500.(a)Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presentedin the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts.)DateAccount TitlesDebitCredit

March 8 - The Preferred Stock does not have a par value or stated value. In this case, we record the…

Answered: On March 8, Blossom inc., a publicly…

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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Record entries (if necessary) for the following transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. June 30 Declared a $48,000 cash dividend payable to common stockholders. July 15 The date of record for the cash dividend declared is July 15. July 31 Paid the dividend declared on June 30. View transaction list 1 Declared a $48,000 cash dividend payable to common stockholders. 2 3 The date of record for the cash dividend declared is July 15. Paid the dividend declared on June 30. X Credit >
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred dur ing December:Dec 2. Issued Chedc No. 410 for $3,400 to Jay Bank to purchase U5. savings bonds for employees.2. Issued Check Na 411 to Jay Bank for $27,046 in payment of $9,273 of social security tax, $2,318 of Medicare tax, and $15,455 of employees'federal income tax due. Dec. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll.13. Journalized the entry to record payroll taxes on employees' eamings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax. $125.16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social security tax. $2316 of Medicare tax. and…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 3,800 shares of $5 par common stock valued at $22 per share. Required: Journalize the entry to record the transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entere
3. On January 1 of the current year, Neptune, Inc. had the following accounts on its books: Accounts Receivable $240,000 (debit) Allowance for Doubtful Accounts 8,000 (credit) During this year, credit sales were $1,200,000 and collections on account were $1,160,000. a. Prepare general journal entries for the following transactions that occurred during the year: (1) Wrote off N. Purcell’s account, $6,800. (2) Wrote off J. Stein’s account, $2,400. (3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction. (2). This amount is not included in the $1,160,000 collections. (4) On December 31, estimated the year’s bad debts expense at 1% of credit sales. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end balance sheet.
Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $165,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15. View transaction list Journal entry worksheet
On July 3, the ABC Company received $865 in cash on account from customers. Thecorrect journal entry to record this transaction is:?
On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?
Transactions for Concord SE for the month of May are presented below. Prepare journal entries for each of these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) May 1 B.D. Concord invests €3,890 cash in exchange for ordinary shares to start his welding business. 3 Buys equipment on account for €1,121. 13 Pays €413 to landlord for May rent. 21 Bills Noble Corp. €550 for welding work done. (Use Service Revenue account.) Date Account Titles and Explanation Debit Credit
Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record entries in the order displayed in the problem statement.)

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