Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a:a. $2 par value and sell for $18 cash per share.b. $2 stated value and sell for $18 cash per share.View transaction listJournal entry worksheet1<>esRecord the issuance of 36,000 shares of common stock assuming the shareshave a $2 par value and sell for $18 cash per share.Note: Enter debits before credits.TransactionGeneral JournalCreditDebit< Prev3 of 19Next >8:39 PM3/27/202FnLockInsertPrt ScF7F8F9F10F11F12F6 Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value common stock assuming the shares:a. Sell for $29 cash per share.b. Are exchanged for land valued at $1,827,000.View transaction listJournal entry worksheet<>1esRecord the issuance of 63,000 shares of no-par value common stock assumingthe shares sell for $29 cash per share.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit< Prev4 of 19Next >InsFnorkF6F8F9F10F11F12

Solution: When common stock are issued for cash, cash is debited for issue price and common stock is…

Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: a. $2 par value and sell for $18 cash per share. b. $2 stated value and sell for $18 cash per share. View transaction list

Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a: a. $2 par value and sell for $18 cash per share. b. $2 stated value and sell for $18 cash per share. View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Empresas La Sierra presents the following information: • On January 5, the company issues 25,000…

A: Journal: It refers to an account which shows all the financial transactions pertaining to a…

Q: The entry to record the declaration of dividend of a $0.75 per share dividend on 12,500 outstanding…

A: Dividend: dividend is the portions of profit given to the shareholders by the company There are…

Q: Bridgeport Inc.’s $9 par value common stock is actively traded at a market price of $15 per share.…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: A company issues 1 million shares of common stock with a par value of $0.18 for $16.60 a share. The…

A: Issue share capital at a premium: The journal entry for the issue of the share capital at a premium…

Q: Liabilities Liquid assets Monthly credit payments Monthly savings $ 8, 000 $ 5,000 $4668 $ 150 Net…

A: Formula: Debt ratio = Liabilities / Net worth

Q: Alma Corp. issues 960 shares of $9 par common stock at $18 per share. When the transaction is…

A: The journal keeps the record of transactions on regular basis. The shares issued at more than par…

Q: on October 10, the board of directors of pinto corporation declared a 10% stock dividend. On October…

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

Q: The following equity investment transactions were completed by Romero Company during a recent year:…

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

Q: MJH Company issued 50 shares of stock with a par value of $10 per share for $12 a share. The entry…

A: MJH Company Issued 50 shares of stock with a par value of $10 per share for $12 a share.

Q: When a company issues 36,000 shares of $4 par value common stock for $40 per share, the journal…

A: The journal entry of share issuance requires a debit to cash account and credit to share capital…

Q: Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $23 per…

A: A preferred stock is a class of stock that is granted certain rights that differ from common stock…

Q: Nexis Corp. issues 1,970 shares of $9 par value common stock at $17 per share. When the transaction…

A: The journal entry to record the issue of shares as follows:

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: The treasury stock includes the own shares of the company purchased from the shareholders. The…

Q: Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction…

A: Common stock can be issued at more price than the par value of the shares. The premium on in excess…

Q: Centex, Inc. issued 47,000 shares of its $1 par value common stock for $30 per share. The journal…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Cowboy Clothing issues 2,100 shares of its $0.01 par value common stock to provide funds for further…

A: Double-entry bookkeeping, the method used to document and monitor financial transactions, is based…

Q: Alma Corp. issues 1,000 shares of $10 par common stock at $14 per share. When the transaction is…

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

Q: The shareholders’ equity of Raven Company is as shown: RAVEN COMPANY Partial Balance Sheet 1…

A: Stock dividend is a dividend distributed to equity shareholder in the form of shares, not in the…

Q: A company issued 60 shares.of $100 par value common stock for $7,100 cash. The journal entry to…

A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…

Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value…

A: Issue of Shares: In business, the issuance of shares refers to the process through which companies…

Q: Sneed Corporation issues 11,600 shares of $45 par preferred stock for cash at $67 per share. The…

A: Total par value of preferred stock issued = No. of shares issued x par value per share = 11,600…

Q: Treasury Stock A company purchases 2,500 shares of treasury stock for $5 per share. Required:…

A: Treasury stock: Treasury stock is the company’s its own stock which company purchases from…

Q: nding shares? Common stock-calculate issue price and dividend amount The balance sheet caption for…

A: c) Dividends are always paid on the outstanding shares but not on issued shares. Here outstanding…

Q: Nexis Corp. issues 1,980 shares of $10 par value common stock at $16 per share. When the transaction…

A: The objective of the question is to determine the correct journal entry for the issuance of common…

Q: Alma Corp. issues 2,150 shares of $9 par common stock at $15 per share. When the transaction is…

A: When the share is issued at an excess price than a par value of a share, it is recorded to the…

Q: View Policies Current Attempt in Progress Flint Corporation issued 1,900 shares of stock. Prepare…

A: Stock issue is the main source of capital for every company. They may issue as many shares as have…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

Q: Rodriguez Corporation issues 5,000 shares of its common stock for $58,400 cash on February 20.…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Beacon Corporation issueda 4 percent stock dividend on 37,000 shares of its $8 par common stock. At…

A: Stock dividend is the dividend given to the shareholders' in the form of shares.

Q: Rodriguez Corporation issues 19,000 shares of its common stock for $152.000 cash on February 20.…

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

Q: Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $19 per…

A: Share price: Share price is the current market price of the share. It is the price of the share at…

Q: Consider the following assumed transactions of Ambient Productions: Mar. 18 Issued 1,800 shares of…

A: On the issue of common shares, the face value shall be credited to Ordinary Shares account and the…

Q: A company issued 50 shares of $100 par value common stock for $7,400 cash. The journal entry to…

A: INTRODUCTION: Common stock is a sort of investment that reflects equity ownership in a firm. Other…

Q: please fill the pictures in: Rodriguez Corporation Issues 8,000 shares of Its common stock for…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Rodriguez Corporation issues 6,000 shares of its common stock for $87,500 cash on February 20.…

A: Given, Number of shares issued = 6,000 Total issue price = $87,500

Q: - 6. Everest Corporation has two classes of stock: Common, $2 par value; and Preferred, $9 par…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Analyzing & Identifying Financial Statement Effects of Stock IssuancesOn September 1, Maggiolo…

A: a.

Q: The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The…

A: The company can raise funds from different sources like by issuing common stock, issuing preferred…

Q: A corporation issues 3,100 shares of common stock for $99,200. The stock has a stated value of $15…

A: Whenever common stock issued with no par value and if the company has a stated value for such common…

Q: Prepare the journal entry to record Autumn Company’s issuance of 63,000 shares of no-par value…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Alma Corp. issues 1,120 shares of $7 par common stock at $15 per share. When the transaction is…

A: The correct journal entry to record issue of shares will be: Account Titles Debit Credit…

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a:
a. $2 par value and sell for $18 cash per share.
b. $2 stated value and sell for $18 cash per share.
View transaction list
Journal entry worksheet
1
<>
es
Record the issuance of 36,000 shares of common stock assuming the shares
have a $2 par value and sell for $18 cash per share.
Note: Enter debits before credits.
Transaction
General Journal
Credit
Debit
< Prev
3 of 19
Next >
8:39 PM
3/27/202
Fn
Lock
Insert
Prt Sc
F7
F8
F9
F10
F11
F12
F6

Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value common stock assuming the shares:
a. Sell for $29 cash per share.
b. Are exchanged for land valued at $1,827,000.
View transaction list
Journal entry worksheet
<>
1
es
Record the issuance of 63,000 shares of no-par value common stock assuming
the shares sell for $29 cash per share.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
< Prev
4 of 19
Next >
Ins
Fn
ork
F6
F8
F9
F10
F11
F12

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The dates of importance in connection with a cash dividend of P35,000 on acorporation's ordinary shares are Jan. 2, Jan. 22, and Feb. 1. Required:Journalize the entries required on each date.
Please answer competely
Company Z has 2.4 million shares of common stock authorized with a par value of $1 and a market price of $58. There are 1.2 million outstanding shares and 0.3 millión shares held in treasury stock Required: a. Prepare the journal entry if the company declares and distributes a 10% stock dividend. b. Show the effect of the 10% stock dividend on assets, liabilities, and stockholders' equity. c. Prepare the journal entry if the company declares and distributes a 100% stock dividend. d. Show the effect of the 100% stock dividend on assets, liabilities, and stockholders' equity. Complete this question by entering your answers in the table below. Required A Required B Required C Required D Prepare the journal entry if the company declares and distributes a 10% stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars and not in millions.) View transaction list Journal entry worksheet Record…
Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
A company issued 60 shares of $100 par value common stock for $7,900 cash. The journal entry to record the issuance is: Multiple Choice Debit Cash $7,900; credit Common Stock $7,900. Debit Investment in Common Stock $7,900; credit Cash $7,900. Debit Cash $7,900; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,900. Debit Common Stock $6,000, debit Investment in Common Stock $1,900; credit Cash $7,900. Debit Cash $7,900; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,900.
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
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.
Hahah
please answer
Prepare the journal entry to record Autumn Company's issuance of 71,000 shares of no-par value common stock assuming the shares: a. Sell for $34 cash per share. b. Are exchanged for land valued at $2,414,000. View transaction list Journal entry worksheet 1 Record the issuance of 71,000 shares of no-par value common stock assuming the shares sell for $34 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
Prepare the journal entry to record Jevonte Company's issuance of 41,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $19 cash per share. b. $3 stated value and sell for $19 cash per share. View transaction list Journal entry worksheet < 1 Record the issuance of 41,000 shares of common stock assuming the shares have a $3 par value and sell for $19 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.