3 Part ADuring its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders' equity. Thecorporation was authorized to issue 119 million common shares, $1 par per share.Required:Prepare the appropriate journal entries to record each transaction.January 9 Issued 90 million common shares for $28 per share.March 11 Issued 5,900 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at$28 per share.Part BA new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A.Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares).DateSeptember 1December 1Common stockRetained earningsCashCashGeneral JournalCommon stockGain on sale of previously issued shares($ in millions)DebitCredit412868132Required:Prepare the journal entries that should have been recorded for each of the transactions.266

Name: 3 Part ADuring its first year of operations, the A. Clem Corporation e
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Description: 3 Part ADuring its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders' equity. Thecorporation was authorized to issue 119 million common shares, $1 par per share.Required:Prepare the app

Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Answered: Required: Prepare the appropriate…

Business

Accounting

Required: Prepare the appropriate journal entries to record each transaction.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Part A
During its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders' equity. The
corporation was authorized to issue 119 million common shares, $1 par per share.
Required:
Prepare the appropriate journal entries to record each transaction.
January 9 Issued 90 million common shares for $28 per share.
March 11 Issued 5,900 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at
$28 per share.
Part B
A new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A.
Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares).
Date
September 1
December 1
Common stock
Retained earnings
Cash
Cash
General Journal
Common stock
Gain on sale of previously issued shares
($ in millions)
Debit
Credit
4
128
68
132
Required:
Prepare the journal entries that should have been recorded for each of the transactions.
2
66

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