Pharoah Inc. issued 12900 shares of no-par common stock with a stated value of $5 per share. The market price of the stock on thedate of issuance was $15 per share. The entry to record this transaction includes aO credit to Common Stock for $64500.O debit to Paid-in Capital in Excess of Par for $193500.O debit to Cash for $64500.O credit to Common Stock for $193500.eTextbook and Media

A journal entry records a business transaction in the accounting system of a company. Journal…

Answered: Pharoah Inc. issued 12900 shares of…

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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On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and outstanding. All 49,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 910 shares of treasury stock for $24 per share and later sold the treasury shares for $19 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a debit to a loss account for $1,820. credit to a gain account for $1,820. credit to Treasury Stock for $21,840. debit to Treasury Stock for $21,840. MacBook Pro
Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $32 per share. What is the correct entry to record the stock issuance? O a. Debit to Cash, $32,000; Credit to Preferred Stock, $32,000 O b. Debit to Cash, $32,000; Credit to Additional Paid-in Capital, $32,000 O C. Debit to Cash, $32,000; Credit to Common Stock, $31,990; Credit to Additional Paid-in Capital, $10 O d. Debit to Cash, $32,000; Credit to Preferred Stock, $10; Credit to Additional Paid-In Capital-Common Stock, $31.990
MJH Company issued 1000 shares of stock with a stated value of $10 per share for $17,000. The entry to journalize this would include: a credit to common stock of $10,000 a debit to common stock of $10,000 none of the above a credit to cash of $17,000
On January 1, Marigold Corp. had 54,800 shares of no-par common stock issued and outstanding. The stock has a stated value of $4.per share. During the year, the following transactions occurred. Apr. 1 June 15 July 10 Dec. 1 (a) 15 Issued 8,200 additional shares of common stock for $11 per share. Declared a cash dividend of $1.40 per share to stockholders of record on June 30. Paid the $1.40 cash dividend. Issued 4,300 additional shares of common stock for $11 per share. Declareda cash dividend on outstanding shares of $1.50 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. 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) Titles and Explanation Date 10 Account Debit Credit
The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The entry to record the transaction will consist of a debit to Cash for $800,100 and a credit or credits to: a.Preferred Stock for $584,200 and Retained Earnings for $215,900. b.Preferred stock for $584,200 and Paid-in Capital in Excess of Par Value−Preferred Stock for $215,900. c.Preferred Stock for $800,100. d.Paid-in Capital from Preferred Stock for $800,100.
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.)
Nebraska Inc. issues 2,750 shares of common stock for $88,000. The stock has a stated value of $20 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10
Prepare the journal entry to record Jevonte Company’s issuance of 41,000 shares of its common stock assuming the shares have a: $3 par value and sell for $19 cash per share. $3 stated value and sell for $19 cash per share
Badger corporation issued 9,000 shares of its $5 per value common stock in payment for attorney services billed at 108,00. Badger corporations stock has been actively trading at $12 PER SHARE. ATHE JOURNAL ENTRY FOR THIS YRANSACRION WOULD INCLUDE A -credit to common stock 63,000 Debit to legal expense 45,000 -debit to legal expense 108,000 Credit to paid in capital in excess of Pat common 108,000
On January 1, Vermont Corporation had 36,300 shares of $9 par common stock issued and outstanding. All 36,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,000 shares of treasury stock for $27 per share and later sold the treasury shares for $21 per share on March 1. The entry to journalize the purchase of the treasury shares on February 1 would include a O a. debit to a loss account for $5,000. b. credit to Treasury Stock for $27,000. c. credit to a gain account for $5,000. d. debit to Treasury Stock for $27,000.
Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.

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