On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amountis entered. Do not indent manually.)Date Account Titles and ExplanationMay 10DebitCredit

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

Answered: On May 10, Blue Spruce Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Bridgeport Inc's $10 par value common stock is actively traded at a market price of $15 per share. Bridgeport issues 4,800 shares to purchase land advertised for sale at $71,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.
Waterway Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,700 shares) $502,800 Retained Earnings 277,400 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (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.) (1) 260 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $20 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 480 shares of outstanding stock were purchased at $106 per share. (6) 370 of the shares purchased in (5) above were resold at $96 per share.
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Stock transactions for Cautious Driving School, Inc. follow: i (Ok the icon to view the transactions.) Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) WIE Mar. 4: Issued 20,000 shares of $1 par value common stock at $15 per share. Date Accounts and Explanation Mar. 4 Debit Credit
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Preparing Entry to Issue Common Stock with Stock Issue Costs On January 1, Vera Clothing Inc. issued 5,000 shares of common stock, $5 par for $100,000. Related to this issuance, the company incurred legal and accounting fees of $2,500 and administrative fees of $2,500. Prepare the journal entry on January 1. Account Name Date Jan, 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock To record the issuance of stock. V Dr. 95,000 0 0 Cr. 0 5,000 90,000
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
On March 15, American eagle declares a quarterly cash dividend of $0.035 per-share payable on April 13 to all stockholders of record on March 30. Record American Eagle‘s declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select “ no journal entry required” in the first account field enter your answer in dollars not in millions)

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