No. Account Titles and Explanation(a)(b)(c)(d)(e)DebitCredit Pina Colada Corporation issued 1,900 shares of stock.Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually.)(a)(b)(c)(d)(e)The stock had a par value of $6.75 per share and was issued for a total of $50,000.The stock had a stated value of $6.75 per share and was issued for a total of $50,000.The stock had no par or stated value and was issued for a total of $50,000.The stock had a par value of $6.75 per share and was issued to attorneys for services during incorporation valued at $50,000.The stock had a par value of $6.75 per share and was issued for land worth $50,000.

The common shares refer to the shares issued to investors and business owners and the share is proof…

Answered: Pina Colada Corporation issued 1,900…

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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The Snow Corporation issues 9,900 shares of $54 par value preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $613,800. What credit or credits will the entry consist of? Select the correct answer. Preferred Stock for $534,600 and Retained Earnings for $79,200. Preferred Stock for $613,800. Paid-in Capital from Preferred Stock for $613,800. Preferred stock for $534,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $79,200.
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Each of the following scenarios pertains to the issuance of common stock. For each of these situations, prepare the issuer's journal entry. a. On June 14, Nacho Mama's Cantina of Baltimore, MD issues 46,000 shares of $5 par value common stock for $308,000 cash. b. On July 21, Harry's Pottery issues no-par value common stock for $77,000 cash. c. On August 8, Happy Harry's Wholesale Jalapenos issues 2,700 shares of $25 par value common stock for $170,000 of machinery, $46,000 of inventory, and a note payable in the amount of $96,000. View transaction list Journal entry worksheet < 1 Happy Harry's Wholesale Jalapenos issues 2,700 shares of $25 par value common stock for $170,000 of machinery, $46,000 of inventory, and a note payable in the amount of $96,000. Note: Enter debits before credits. Transaction C. 2 Record entry General Journal Clear entry Debit Credit Help View general journal
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Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was $10 per share. The journal entry to record the share issue would include which of the following? A). A debit to Cash for $10,000. B). A credit to Common Shares for $10,000. C). A credit to Common Shares for $15,000. D). A credit to Cash for $15,000

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