The articles of incorporation for Peahen Corp. authorize the company toissue 100,000 $6 preferred shares and 500,000 common shares. Duringfirst year of operations, Peahen Corp. completed the followingselected transactions:(Click the icon to view the transactions.)Required1. Record the transactions in the general journal.2. Prepare the shareholders' equity section of the Peahen Corp. balancesheet at November 30, 2020.Requirement 1. Record the transactions in the journal. (Record debits first,then credits. Explanations are not required.)Dec. 4, 2019: Issued 6,000 common shares to the consultants who formedthe corporation, receiving cash of $180,000.DateDec.Journal EntryAccountsDebitCredit

On December 4, 2019, Peahen Corp. took its first significant step in its operations by issuing 6,000…

Answered: The articles of incorporation for…

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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sharad
required: please answer this question by preparing the general journal entry to record the above transaction. I need the full answers . I am a new student in Accounting.
Hammond Manufacturing Inc. was legally incorporated on January 2, 2023. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2023 Jan. Mar. Dec. 12 Issued 40,000 common shares at $4.80 each. 20 Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $36,000. 31 Issued 80,000 common shares in exchange for land, building, and equipment, which have fair market values of $360,000, $480,000, and $48,000, respectively. 4 Purchased equipment at a cost of $8,160 cash. This was thought to be a special bargain price. It was felt that at least $10,800 would normally have had to be paid to acquire this equipment. 31 During 2023, the company incurred a loss of $96,000. The Income Summary account was closed. 2024…
The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your surname name initial. 1. Issued 65000 shares of common stock. Stock has par value of $ 0.40 per share and was issued at $ 30.00 per share. 2. Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services 3. Exchanged $200,000 shares of common stock for land with an appraised value of $500,000.00 and a building with an appraised value of $700,000.00. 4. Earned Net income $750,000.00.…
Yola Corporation is required to include 15 items in their 10-K for the year ending 9/30/21. In which required item from the 10-K would this content be located? "During the 4th quarter of fiscal 2021 we purchased 750,000 shares of company stock at an average price of $75 per share". Question 30 options: a) Market for Registrants Common Equity and Related Stockholders' Matters b) Legal Proceedings c) Business d) Financial Statements & Supplementary Data
11 )
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred: Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,700. 5 15,000 shares were sold to various shareholders for $14.20 each. 15 The board of directors declared a cash dividend of $0.82 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for land valued at $50,800. The shares were actively trading on this date at $12.20 per share. 31 Closed the Income Summary account, which showed a credit balance of $172,000. 31 Paid the dividends declared on January 15. Required:a. Journalize the above transactions. The Company does not use a Cash Dividends Account. b. Prepare the equity section of Westby’s balance sheet…
Please create the Retained earnings transactions table and add separately how it is shown in the journal 4.The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information. Prepare the journal entries with narrations to record the following: • The issuances of stock. • Close out net income to retained earnings. • Dividend declared. • Close out dividend to retained earnings a. Issued _50%…
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
Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.55 per share dividend on the 95,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 50% stock dividend on the common stock. The market value of the common stock was $12 per share. Distributed the stock dividend. Purchased 8,000 shares of treasury stock at $9 per share. Sold 4,000 shares of treasury stock for $10 per share. Sold 1,400 shares of treasury stock for $5 per share.
The owners are desirous of comparing several financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020 and that Mulatto Company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 65,000 shares of common stock. Stock has par value of 0.40 per share and was issued at $30 per share. Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 200,000 shares of common stock for land with an appraised value of $500,000 and a building with an appraised value of $700,000. Earned Net income $750,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: 2. Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings.…
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions occurred: Jan. 1 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,700. 5 15,000 shares were sold to various shareholders for $14.20 each. 15 The board of directors declared a cash dividend of $0.82 per common share to shareholders of record on January 19, payable January 31. 20 4,000 shares were issued in exchange for land valued at $50,800. The shares were actively trading on this date at $12.20 per share. 31 Closed the Income Summary account, which showed a credit balance of $172,000. 31 Paid the dividends declared on January 15. Required:a. Journalize the above transactions. The Company does not use a Cash Dividends Account. b. Prepare the equity section of Westby’s balance sheet…

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