Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lumpsum of$13,500 The common stock has a market price of $20 per share, and the preferred stock has a market price of S90 per share.Prepare the jourmal entry to record the issuance of the common stockS3 000O CashCommon Stock$3.000O CashCommon StockO CashCommon StockAdditional Paid-n Capital C/SNone of the aboveS6 000$6 000$5 400$3.000$2 400

Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13.500 The common stock has a market price of $20 per share and the preferred stock has a market price of $90 per share. Prepare the joumal entry to record the issuance of the common stock. O Cash Common Stock $3.000 $3.000 O Cash Common Stock $6 000 $6 000 O Cash Common Stock Additional Paid-in Capital C/S $5 400 $3.000 $2 400 O None of the above

Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13.500 The common stock has a market price of $20 per share and the preferred stock has a market price of $90 per share. Prepare the joumal entry to record the issuance of the common stock. O Cash Common Stock $3.000 $3.000 O Cash Common Stock $6 000 $6 000 O Cash Common Stock Additional Paid-in Capital C/S $5 400 $3.000 $2 400 O None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 >
Subject :- Accounting
Sh8
XYZ Company sold 500 shares of treasury stock (from (c)) at $45 per share. DATE Debit Credit X/X
A corporation issues 4,550 shares of common stock $145,600. The stock has a stated value of $19 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include? Select the correct answer. $145,600 $59,150 $86,450 $4,550
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
Accounting for Common, Preferred, and Treasury Stock A-Team Corporation issued 1.000 shares of $5 par value stock for land. The stock is actively traded at $9 per share. The land was advertised for sale at $10,500. The land should be recorded at $9,000. O $5,000. $4,000. O $10.500.
Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,650 in child care expenses so that she would be able to work. Of this amount, $780 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $2,200 from her jewelry business. In addition, she received child support payments of $21,400 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
Treasury StockPomona Corporation issued 60,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value, ten percent preferred stock at $85 per share. Later, the company purchased 2,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares.b. Assume that Pomona sold 1,500 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock.c. Assume that Pomona sold the remaining 500 shares of treasury stock at $20 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit a. Answer Answer Answer Common stock Answer Answer Answer Answer Answer Issued shares of common stock. Answer Answer Answer 10% Preferred stock Answer Answer Answer Answer Answer Issued shares of preferred stock. Answer Answer…
Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.Journalize the issuance of the preferred stock. what is the title or explanation? what is debit or credit ?