!Required information[The following information applies to the questions displayed below.]Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its firstyear, the following selected transactions were completed:a. Issued 5,200 shares of common stock for cash at $22 per share.b. Issued 1,200 shares of common stock for cash at $25 per share.2. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)> Answer is not complete.1NoaTransactionCashCommon StockGeneral JournalDebitCredit30,000 ×Additional Paid-In Capital, Common Stock2,400x27,600 x

Step 1: Preparation of journal entries.TransactionAccount Titles and explanationsDebitCredit1Cash…

Answered: ! Required information [The following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...

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Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 parvalue. During its first year, the following selected transactions were completed:a. Issued 6,000 shares of common stock for cash at $20 per share.b. Issued 2,000 shares of common stock for cash at $23 per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the journal entry required for each of these transactions.3. Prepare the stockholders’ equity section as it should be reported on the year-end balancesheet. At year-end, the accounts reflected a profit of $100.4. Incentive Corporation has $30,000 in the company’s bank account. What is the maximumamount of cash dividends the company can declare and distribute?
Required information [The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 5,500 shares of common stock for cash at $20 per share. b. Issued 1,500 shares of common stock for cash at $23 per share. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity а. b.
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Required information Skip to question [The following information applies to the questions displayed below.]Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: Issued 6,200 shares of common stock for cash at $22 per share. Issued 2,200 shares of common stock for cash at $25 per share. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
When Bayou Corporation was formed on January 1, 20xx, the corporation was authorized to issue 100,000 share of $10 par value common stock.The following transaction was among those engaged in by the corporation during its first month of operation:The corporation issued 9,000 shares of stock at a price of $25 per share.The entry to record the above transaction would include a Select one: a. debit to Cash for $90,000 b. credit to Paid in Capital in Excess of Par for $135,000 c. credit to Common Stock for $225,000 d. debit to Common Stock for $90,000
Required information Skip to question [The following information applies to the questions displayed below.]Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: Issued 6,200 shares of common stock for cash at $22 per share. Issued 2,200 shares of common stock for cash at $25 per share. Required: Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.)
James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Mar. 31 Issued 34,000 shares at $11 share. Jul. 9 Issued 120,000 shares in exchange for a building with a clearly determined value of $660,000. Aug. 30 Purchased 6,000 shares of treasury stock at $9 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 31 Jul. 9 Aug. 30

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