Sandhill Co. had these transactions during the current period.June 12 Issued 81,000 shares of $1 par value common stock for cash of $303,750.July 11Nov. 28Issued 3,550 shares of $100 par value preferred stock for cash at $109 per share,Purchased 2,600 shares of treasury stock for $11,700.Prepare the journal entries for the Sandhill Co. transactions. (Record journal entries in the order presented in the problem. Creditaccount titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before creditentries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCredit

Journal entries are required in accounting because they provide a formal and organized method for…

Answered: Sandhill Co. had these transactions…

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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Analyzing & Identifying Financial Statement Effects of Stock IssuancesOn September 1, Maggiolo Inc. (a) issues 18,000 shares of $10 par value preferred stock at $48 cash per share and (b) issues 120,000 share of $2 par value common stock at $37 cash per share.a. Using the financial statement effect template, illustrated the effect of these two issuances.b. Prepare the journal entries for the two issuancesc. Post journal entries from b to related T -accounts.
Prepare journal entries for each of the following transactions of Telecommunications, Inc. Apr. 15 Declared a dividend of $1.43 per share on 11,000 shares of preferred stock outstanding. May 19 Paid the dividend declared on April 15.
Carla Vista Co. had these transactions during the current period. June 12 Issued 83,000 shares of $1 par value common stock for cash of $311,250. July 11 Issued 4,300 shares of $103 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 2,400 shares of treasury stock for $9,350. Prepare the journal entries for the Carla Vista Co. transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
Preparing Entry to Issue Common Stock with Stock Issue Costs On January 1, Vera Clothing Inc. issued 5,000 shares of common stock, $5 par for $100,000. Related to this issuance, the company incurred legal and accounting fees of $2,500 and administrative fees of $2,500. Prepare the journal entry on January 1. Account Name Date Jan, 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock To record the issuance of stock. V Dr. 95,000 0 0 Cr. 0 5,000 90,000
PLEASE DONT CUT OFF THE ANSWER AND USE THE EXACT ACCOUNT TITLES On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTS Pidgeon Stones Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193…
Complete the following problem Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry. Date Description Post. Ref. Debit Credit March Issued 3,000 share of Common Stock, $2 par for $15 per share. Record the journal entry. Date Description Post. Ref. Debit Credit April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry. Date Description Post. Ref. Debit Credit…
Prepare the journal entries for the following transactions for Batson Co. Sept. 1 Batson Co. purchased 1,200 shares of the total of 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission. Dec. 31 Michael Corp.’s total earnings for the period are $84,000. 31 Michael Corp.’s paid a total of $40,000 in cash dividends to shareholders of record.
Need some help with this financial accounting question.
vi.3
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
Flint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,500 shares of treasury stock for cash at $75 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation eTextbook and Media Debit Credit
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 3% preferred stock, $40 par and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 90,000 shares of common stock at par for cash. July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $30,000, $164,000, and $37,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20. Issued 30,000 shares of preferred stock at $49 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank.

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