omework #11 CC X* CengageNOWv2 | Online teachin X +smeed.instructure.com/courses/30004/quizzes/140034/takeSpring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year,the company has the following transactions:Mar. 1Issued 40,000 shares of stock at $9.75 per shareApг. 10Issued 1,000 shares of stock for legal services valued at $10,000Oct. 3Purchased 1,000 shares of treasury stock at $9 per shareJournalize the transactions and calculate how many shares of stock are outstanding at August 3.HTML EditorÁBIUAIEEE E E X三三 x x 三E田。 ? 次四Vx G A D I T 12ptParagraph

Journal Entries Date Particulars LF Debit ($) Credit ($) March 1 Cash / Bank (40,000 x 9.75) 390,000 Common Stock (40,000 x 2) 80,000 Additional Paid-in capital from Common Stock 310,000 (To record the issuance of common stock) April 10 Legal Services Expense 10,000 Common Stock (1,000 x 2) 2,000 Additional Paid-in capital from Common Stock 8,000 (To record the issuance of common stock in exchange of legal service expenses) Oct 3 Treasury Stock (1,000 x $9) 9,000 Cah / Bank 9,000 (To record the purchase of Treasury Stock) Calculation of Shares Outstanding on August 3 Total Shares authorized to issue = 500,000 Total Shares Issued = 41,000 Total Shares outstanding = 500,000 - 41,000 = 459,000 shares

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Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its fırst year, the company has the following transactions: Mar. 1 Issued 40,000 shares of stock at $9.75 per share Apr. 10 Issued 1,000 shares of stock for legal services valued at $10,000 Oct. 3 Purchased 1,000 shares of treasury stock at $9 per share Journalize the transactions and calculate how many shares of stock are outstanding at August 3.

Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its fırst year, the company has the following transactions: Mar. 1 Issued 40,000 shares of stock at $9.75 per share Apr. 10 Issued 1,000 shares of stock for legal services valued at $10,000 Oct. 3 Purchased 1,000 shares of treasury stock at $9 per share Journalize the transactions and calculate how many shares of stock are outstanding at August 3.

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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