Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.Feb. 1 Issued 104,000 shares for cash at $141 per share.July 1 Issued 165,600 shares for cash at $146 per share.Journalize the transactions. (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 "NoEntry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditPost to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.)Preferred StockPaid-in Capital in Excess of Par Value-Preferred Stock

Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Answered: Sheffield Corp. is authorized to issue…

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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Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July 11 Issued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare the journal entries for the Cullumber Company 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
Desert Apparel has 6,000 shares of common stock outstanding. On April 1, the company declares a $2 per share dividend to stockholders of record on April 15. The dividend is paid on April 30.Record all necessary entries on the appropriate dates for cash dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the declaration of Cash dividend of $2 per share to stockholders recorded on April 15. Date General Journal Debit Credit Apr 01 Record Entry on April 15. Date General Journal Debit Credit Apr 15 Record the cash dividend paid. Date General Journal Debit Credit Apr 30
On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 55 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 107,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
June 12 Issued 82,500 shares of $1 par value common stock for $309,375. July 11 Issued 4,250 shares of $104 par value preferred stock for cash at $112 per share. Nov. 28 Purchased 1,9s shares of treasury stock for $9,750. Prepare the journal entries for the Pharoah Company 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
Larkspur, Inc. has 49,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (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 O for the amounts.) Date Dec. 1 Dec. 31 Account Titles and Explanation Debit Credit
Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit
McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 340,000 shares at $4 share. Jun. 7 Issued 95,000 shares in exchange for equipment with a clearly determined value of $206,000. Sep. 19 Purchased 2,100 shares of treasury stock at $6 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 Jun. 7 Sept. 19
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) No. Account Titles and Explanation (a) (b) The stock had a par value of $5.25 per share and was issued for a total of $46,500. The stock had a stated value of $5.25 per share and was issued for a total of $46,500. The stock had no par or stated value and was issued for a total of $46,500. The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. The stock had a par value of $5.25 per share and was issued for land worth $46,500. (c) (d) (e) J Debit Credit
The Ivanhoe Corporation has 94,600 $2.00 noncumulative preferred shares that have been issued. It declares a quarterly cash dividend on May 15 to shareholders of record on June 10. The dividend is paid on June 30. Prepare the entries on the appropriate dates to record the cash dividend. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit
On May 10, Pronghorn Corporation issues 2,700 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Credit
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