Prepare the issuer's journal entry for each of the following separate transactions.a. On March 1, Atlantic Company issues 48,000 shares of $5 par value common stock for $314,000 cash.b. On April 1, OP Company issues no-par value common stock for $81,000 cash.c. On April 6, MPG issues 3,100 shares of $20 par value common stock for $50,000 of inventory, $155,000 of machinery, andacceptance of a $100,000 note payable.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: Prepare the issuer's journal entry for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 5EA: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first...

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Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Co. issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable. View transaction list Journal entry worksheet 1 3 Record the issuance of 42,500 shares of $4 par value common stock for $297,500 cash. Noto: Entor dobite bofore crodite 8:40 PM 3/27/2022 ) F4 F5 F6 F8 F9 F10 F11 F12 Fn Lock Insert Prt Sc Del %24
Prepare the issuer’s journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Co. issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 48,500 shares of $3 par value common stock for $315,500 cash. b. On April 1, OP Company issues no-par value common stock for $82,000 cash. c. On April 6, MPG issues 3,200 shares of $25 par value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. View transaction list Journal entry worksheet 1 Record the issuance of 48,500 shares of $3 par value common stock for $315,500 cash. 2 3 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 47,000 shares of $3 par value common stock for $311,000 cash. b. On April 1, OP Company issues no-par value common stock for $79,000 cash. c. On April 6, MPG issues 2,900 shares of $20 par value common stock for $48,000 of inventory, $180,000 of machinery, and acceptance of a $98,000 note payable. View transaction list Journal entry worksheet 1 2 a. 3 Record the issuance of 47,000 shares of $3 par value common stock for $311,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. View transaction list Journal entry worksheet 1 2 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,000 shares of $4 par value common stock for $317,000 cash. b. On April 1, OP Company issues no-par value common stock for $83,000 cash. c. On April 6, MPG issues 3,300 shares of $15 par value common stock for $52,000 of inventory, $140,000 of machinery, and acceptance of a $102,000 note payable. View transaction list Journal entry worksheet 1 2 3 > Record the issuance of 49,000 shares of $4 par value common stock for $317,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal
Sunland Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 3,450 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $8,450. Prepare the journal entries for the Sunland Company transactions shown above. (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 choose a transaction date June 12July 11Nov. 28 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…
Blossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (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.)
Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July 11 Issued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare the journal entries for the Cullumber Company transactions shown above. (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

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