Prepare journal entries to record the following transactions that occurred during the first 2 months of operations: (1) Jan 10 Sold 60,000 common shares for $6 per share cash (2) Jan 15 Exchanged 4,000 preferred shares for equipment with a fair market value of $40,000 (3) Feb 1 Exchanged 1,000 preferred shares for legal fees incurred during organization worth $7,500
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- Prepare journal entries to record the following selected transactions. January 10 Issued 121,000 shares of $2 par value common stock for $7 cash per share.. January 15 Issued 11,900 shares of $2 par value common stock in exchange for equipment with a market value of $89,000. February 1 Issued 600 shares of $2 par value common stock to its promoters in exchange for their efforts, estimated to be worth $4,900. View transaction list Journal entry worksheet < A в с Issued 121,000 shares of $2 par value common stock for $7 cash per share. Note: Enter debits before credits. Date January 10 General Journal Debit CreditPrepare journal entries to record the following transactions and events of Kodax Company. Year 1 Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sep. 1 Grecco declared and paid a cash dividend of $1.50 per share. Dec. 31 Grecco announced that net income for the year is $486,900. Year 2 June 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $702,750. Dec. 31 Kodax sold 3,000 shares of Grecco for $71,000 cash.Prepare the journal entries for the following transactions for Batson Co. Sept. 1 Batson Co. purchased 1,200 shares of the total of 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission. Dec. 31 Michael Corp.’s total earnings for the period are $84,000. 31 Michael Corp.’s paid a total of $40,000 in cash dividends to shareholders of record.
- The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share. July (a) 1 Journalize the transactions, assuming that the common stock has a par value of $6 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation 2A 3 m tv N Debit alı Credit 4. A 1The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July 15 Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1 Issued 70 more of the shares purchased on February 1 for $17 cash per share. Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?
- During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share. b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share. c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share. Required: 1. Prepare journal entries for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Repurchased 240 shares of the company's common stock at $30 cash per share. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Record entry Clear entry View general journalHansen Inc. engaged in the following transactions during the current Hansen Inc. engaged in the following transactions during the current year: a. Repurchased 13,000 shares of its own $1 par common stock for $14 per share on January 14. b. Sold 2,000 treasury shares to employees for $6 per share on January 31. c. Repurchased 3,000 more shares of the $1 par common stock for $16 per share on July 24. d. Sold the remaining 11,000 shares from the January 14 purchase and 1,200 of the shares from the July 24 purchase to employees for $6.50 per share on August 1. Required: 1. Prepare journal entries for each of these transactions. 2. Determine what the effect on total stockholders’ equity is for each of the four transactions.During its first year of operations, Larkspur, Inc. had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. A.) Journalize the transactions, assuming that the common stock has a par value of $6 per share. (Record journal entries in the order presented in the problem. 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.) Date Account Titles and Explanation Debit Credit B.) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per…
- Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $75 par and 450,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July 1. Issued 75,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank. July 1 Cash Common Stock July 1 Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. If an amount box does not require an entry, leave it blank. July 1 Aug. 7. Issued 23,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $63,000, $343,000, and $77,000, respectively. If an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 23,000 shares of preferred stock at $84 for cash. If an amount box does not require…JAE Corp. completed the following transactions during Year 2: Issued 3,000 shares of $10 par common stock for $25 per share. Repurchased 500 shares of its own common stock for $26 per share. Resold 200 shares of treasury stock for $30 per share. Required How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions.On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)