Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which of the following is the journal entry the company should record? a. Cash 45,000 Common Stock 45,000 b. Common Stock 45,000 Cash 45,000 c. Cash 45,000 Dividends 45,000 d. Common Stock 45,000 Sales Revenue 45,000
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- Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: Cash $8,900 Common stock 5,200 Accounts receivable 6,600 Accounts payable 2,000 Additional paid-in capital 3,500 Prepaid insurance 5,200 Unearned revenue 3,500 Retained earnings 6,000 What is the total ending balance as reported on the company’s Statement of Stockholder’s Equity? $fill in the blank 1On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend payable to common stockholders of $160,000. August 15 Date of record is August 15 for the cash dividend declared on July 15. August 31 Paid the dividend declared on July 15.
- Studypug.com Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which of the following is the journal entry the company should record? a. Cash 45,000 Common Stock 45,000 b. Common Stock 45,000 Cash 45,000 c. Cash 45,000 Dividends 45,000 d. Common Stock 45,000 Sales Revenue 45,000(2) Paid dividends of $1.25 per share. There were 1,000,000 shares issued and 180,000 shares of treasury stock. A. Cash payment, $1,025,000 B. Cash receipt, $2,000 C. Cash receipt, $600,000 D. Cash receipt, $11,000 PLZ SHOW WORK!! PLZZ!!..A company declared a cash dividend of $.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. What is the entry to record the payment on the payment date? O debit Common Dividend Payable 35,000 and credit Cash 35,000 O debit Common Dividend Payable 175,000 and credit Cash 175,000 O no entry on payment date O debit Retained Earnings 175,000; credit Common Dividend Payable 175,000 79°F Rain t
- An inexperienced accountant for Blue Spruce Corp. made the following entries. July 1 Sept. 1 Cash Date Common Stock (Issued 32,000 shares of no-par common stock, stated value $8 per share) Common Stock Retained Earnings Cash (Purchased 4,000 shares issued on July 1 for the treasury at $16 per share) Account Titles and Explanation 290,000 Debit 30,000 34,000 On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 290,000 64,000 CreditOn May 1, Year 1, Love Corporation declared a $47,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare journal entries for all events associated with the dividend. Complete this question by entering your answers in the tabs below. Required A Required B Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an op (OA), investing activity (1A), or financing activity (FA). Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted and cash out minus sign.) Date May 01 May 15 May 31 Assets Balance Sheet Liabilities + * LOVE CORPORATION Horizontal Statements Model Common Stock Retained Earnings Revenue Required A Statement Expenses Net Income Required B > Statement of Cash FlowsThe following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co.,…
- Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 50,000 b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 43,000 Accounts Receivable. Building 15,000 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 30,000 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 9 d. Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capitala. a. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. b. C. Required information [The following information applies to the questions displayed below.] C. a. On March 22, purchased 880 shares of RPI Company stock at $24 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $3 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $34 per share. Assets = = = = = = Liabilities + + + + + + Equitya. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…