Record entries for each of the following separate issuances of stock.1. Issued 390 shares of $100 par value common stock for $40,950 cash.2. Exchanged 890 shares of no-par common stock for $13,400 in legal services incurred in the organization of the company.View transaction listA Issued 390 shares of $100 par value common stock for$40,950 cash.B Exchanged 890 shares of no-par common stock for$13,400 in legal services incurred in the organization ofthe company.EXebitCredit>

These journal entries follow the basic accounting equation. The equity section is affected by the…

Answered: Record entries for each of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include: Multiple Choice A credit to Common Stock for $95,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $104,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $199,500. A credit to Common Stock for $104,500. A debit to Cash for $95,000. O
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.
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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 Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet
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.
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
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.
Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.

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