archv2.cengagenow.comApps Dashboard | Georgia Northwestern Technical Coll...May 15Bb My Grades - ACCT1105: Financial Accounting II (...000010Û +On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $2) at $14, and on May 15, it issued for cash 2,000 shares of $15par preferred stock at $58.C CengageNOWv2 | Online teaching and learning resouJournalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave itblank.May 10

Common stock is one of the types of shares issued by the entity for raising funds from the market.…

Answered: On May 10, a company issued for cash…

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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Delta Corporation issued 10,000 shares of no-par common stock for $1 per share on July 13. Record the stock issuance. (Check your spelling carefully and do not abbreviate. Be sure to include the type of stock in the account names where applicable. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 13
3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Assets = Liabilities + Stockholders' Equity Cash =
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On April 1, 9,000 shares of $8 par common stock were issued at $22, and on April 7, 2,000 shares of $80 par preferred stock were issued at $104. Journalize the entries for April 1 and 7. If an amount box does not require an entry, leave it blank. Apr. 1 fill in the blank 2fill in the blank 3fill in the blank 5fill in the blank 6fill in the blank 8fill in the blank 9Apr. 7 fill in the blank 11fill in the blank 12fill in the blank 14fill in the blank 15fill in the blank 17fill in the blank 18
On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of $50 par preferred stock were issued at $111. What is the amount of the debit to Cash on May 1 and May 7? Oa. May 1: $200,000; May 7: $305,000 Ob. May 1: $555,000 May 7: $305,000 Oc. May 1: $300,000; May 7: $555,000 Od. May 1: $100,000; May 7: $250,000
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 225,000 shares of no-par common stock (with a stated value of $4) at $12, and on August 3, it issued for cash 30,000 shares of preferred stock, $70 par at $77. a. Journalize the entries for February 12 and August 3, 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. Feb. 12 fill in the blank b61f68033ffb003_2 fill in the blank b61f68033ffb003_3 fill in the blank b61f68033ffb003_5 fill in the blank b61f68033ffb003_6 fill in the blank b61f68033ffb003_8 fill in the blank b61f68033ffb003_9 Aug. 3 fill in the blank b61f68033ffb003_11 fill in the blank b61f68033ffb003_12 fill in the blank b61f68033ffb003_14 fill in the blank b61f68033ffb003_15 fill in the blank b61f68033ffb003_17 fill in the blank b61f68033ffb003_18 b. What is the total amount invested…
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8 par common stock at $27, and on February 27, it issued for cash 150,000 shares of preferred stock, $8 par at $10.a. Journalize the entries for January 22 and February 27.If an amount box does not require an entry, leave it blank.Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$
Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of preferred stock, $60 par at $72. a. Journalize the entries for October 31 and November 19. If an amount box does not require an entry, leave it blank. Oct. 31 Common Stock Paid-In Capital in Excess of Par-Common Stock Nov. 19 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock
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Entries for Issuing Par Stock 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. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? →

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