Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $5,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares of common stock for the treasury at $9 per share. Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share. Journalize the transactions for Prytania Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $5,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares of common stock for the treasury at $9 per share. Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share. Journalize the transactions for Prytania Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2020, its first year of operation, the company has the following stock transactions.
| Jan. | 1 | Paid the state $5,000 for incorporation fees. | |
| Jan. | 15 | Issued 500,000 shares of stock at $6 per share. | |
| Jan. | 30 | Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000. | |
| July | 2 | Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. | |
| Sept. | 5 | Purchased 15,000 shares of common stock for the treasury at $9 per share. | |
| Dec. | 6 | Sold 11,000 shares of the |
Journalize the transactions for Prytania Corporation. (Record
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
Sept. 5Dec. 6Jan. 15Jan. 30Jan. 1July 2
|
|
|
|
|
|
|
|
|
|
Jan. 30July 2Sept. 5Jan. 1Dec. 6Jan. 15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan. 30Jan. 15Sept. 5Dec. 6July 2Jan. 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan. 1Dec. 6Jan. 15Jan. 30July 2Sept. 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 6July 2Sept. 5Jan. 30Jan. 15Jan. 1
|
|
|
|
|
|
|
|
|
|
Sept. 5Jan. 1Jan. 30Dec. 6Jan. 15July 2
|
|
|
|
|
|
|
|
|
|
|
|
|
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!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education