sued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of preferred stock, $60 pa
Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…
A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…
Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 90,000 shares of $4 par…
A: Paid in Capital includes Common Stock, Paid in Capital and Preferred Stock. It is recorded in the…
Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par…
A: The firm can raise the amount through different modes some of them are, by issuing common stock, by…
Q: On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common stock at…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par…
A: If the shares are issued at more than a par value of a share, the excess amount goes to Paid-in…
Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share.…
A: Journal: Recording of a business transactions in a chronological order.
Q: On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a…
A: The reporting of the transactions in the accounting books can primarily be done by recording Journal…
Q: Based on the following information, prepare journal entries for Windgate Corporation. Mar. 7 Issued…
A: Journal entries are the primary records of accounting transactions in the double-entry bookkeeping…
Q: Rodriguez Corporation issues 16,000 shares of its common stock for $193,600 cash on February 20.…
A: Lets understand the basics. Journal entries are those which are recorded in the books in order to…
Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par…
A: To prepare journal entries first we need to understand the Golden Rules of Accounting and the types…
Q: The following selected transactions pertain to Ehrlich Corporation: Jan. 3 Issued 90,000…
A: The journal entries are prepared to record the transactions on regular basis. The shares can be…
Q: McVie Corporation's stock has a par value of $2. The company has the following transactions during…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in…
Q: Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000…
A: Retained earnings = Net Income - Dividend paid = $60,000 - $30,000 = $30,000
Q: On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per…
A: Paid in capital in excess of stated value = (Par value per share - Stated value per share) x No. of…
Q: On October 31, Legacy Rocks Ic., a marble contractor, issued for cash 74,600 shares of $10 par…
A: a.
Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…
A:
Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…
A: Journal is the book where transactions are originally recorded. Journal entry: A journal entry is…
Q: On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par…
A: Any excess cash paid for the shares goes to Paid-in Capital in excess of par Account. Total Paid-in…
Q: Rodriguez Corporation issues 19,000 shares of its common stock for $125,800 cash on February 20.…
A: A par stock is a stock that has a par value that determines the minimum capital amount. A no-par…
Q: On September 10th, Grape Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…
A: When the shares are issued at a higher price than the face value, Are Issued at Premium.
Q: Rodriguez Corporation issues 15,000 shares of its common stock for $312,700 cash on February 20.…
A: The objective of the question is to prepare journal entries for the issuance of common stock under…
Q: On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20…
A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…
Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…
A: The journal entries are prepared to keep the record of day to day transactions of the business of…
Q: On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On…
A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…
Q: Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock. 1. Prepare entries…
A: The journal entries are prepared to record the transactions on regular basis. The temporary account…
Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…
A: Requirement a: Pass all of the necessary journal entries to record the events.
Q: On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at…
A: Common stock and preference stock are two types of stock issued by a company. When company receives…
Q: MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par…
A: Stockholder's Equity - It is the amounts in a business after settled of all liabilities of the…
Q: On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…
A: The organization can raise funds for the operation by issuing common stock, preferred stock for the…
Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of…
A: Paid-in capital is the sum of cash and other assets given by the shareholders of the company for the…
Q: On May 23, Washburn Realty Inc. issued for cash 45,000 shares of no-par common stock (with a stated…
A: Journal entries are those which are reported by the entity to prepare the daily record of business.…
Q: Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par…
A: The question asks for accounting for stockholders' equity in the company's books. The journal…
Q: Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was…
A: Shares are a mean of raising capital from the shareholders. Shares can be ordinary shares or…
Q: Sheffield Corp. has 84,000 shares of common stock outstanding. It declares a $1 per share cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…
A: Shares issued at a cost above its stated or par value is called premium on shares. It is the…
Q: During its first year of operations, Bridgeport Corporation had the following transactions…
A: Journal Entry: It implies the process of accounting and recording company's monetary transactions…
Q: On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of…
A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…
Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par…
A:
Q: Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000…
A: Stockholders’ equity: It refers to the remaining amount of assets that are available to the…
On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)Instructions On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock, $50 par at $52. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATESage Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value preferred stock for a lump sum of $17,424. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.Prepare the journal entry to record the issuance.
- Novak 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 47,000 shares for cash at $52 per share. July 1 Issued 62,500 shares for cash at $56 per share. Date Account Titles and Explanation Debit Credit choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a…On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par common stock at $12, and on November 19, it issued for cash 15,640 shares of preferred stock, $40 par at $56. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTSLegacy Rocks 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 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In…On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 120,000 shares of no-par common stock (with a stated value of $3) at $12, and on June 30, it issued for cash 15,000 shares of preferred stock, $65 par at $72.a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?$
- On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-par common stock (with a stated value of $5) at $8. On July 6, Stoltz Realty Inc. issued at par value 35,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 20,000 shares of preferred 1% stock, $10 par at $11. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid-In Capital in…Bridgeport Corporation 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 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the 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 Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…EhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…
- Marcy Company had 30,000 shares of common stock at the beginning of the year. On July 1, it issued 3,000 shares; on November 2, it issued another 3,000 shares; and on December 1, it reacquired 1,000 shares of treasury stock. What is its weighted average number of shares for the year?On April 2, 9000 shares of $6 Par common stock were issued at $22 and on april 7, 4000 shares of $60 par preferred stock were issued at $104. Journalize the entries for april 2 and 7.On September 1, 20,000 shares of $4 par common stock were issued at $20, and on December 17, 10,000 shares of $20 par preferred stock were issued at $27. Prepare the journal entries.
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)