The Charleston Direct Insurance Agency began operations on June 1, 2022. In the month of June, the following transactions occurred: (Click the icon to view the transactions.) Account Charleston uses the following chart of accounts: (Click the icon to view the chart of accounts.) June 2: Charleston Direct's owner invested $110,000 (the par value of the stock) cash and acquired 5,500 shares of common stock. Ref. Read the requirement. June 2 C

The Charleston Direct Insurance Agency began operations on June 1, 2022. In the month of June, the following transactions occurred: (Click the icon to view the transactions.) Account Charleston uses the following chart of accounts: (Click the icon to view the chart of accounts.) June 2: Charleston Direct's owner invested $110,000 (the par value of the stock) cash and acquired 5,500 shares of common stock. Ref. Read the requirement. June 2 C

Name: The Charleston Direct Insurance Agency began operationson June 1, 202
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Description: The Charleston Direct Insurance Agency began operationson June 1, 2022. In the month of June, the followingtransactions occurred:i (Click the icon to view the transactions.)June 2: Charleston Direct's owner invested $110,000 (the par value of the st

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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Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1 Feb. 1. Purchased 4,700 shares of Caldwell Inc. as a trading security at $36 per share plus a brokerage commission of $470. May 1. Purchased 1,800 shares of Holland Inc. as a trading security at $48 plus a brokerage commission of $198. July 1. Sold 2,440 shares of Caldwell Inc. for $34 per share less a $105 brokerage commission. 31. Received an annual dividend of $0.35 per share on Caldwell Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $34 and $47 per share for Caldwell Inc. and Holland Inc., respectively. Record these transactions on page 11: Year 2 Apr. 1. Purchased 3,500 shares of Fuller Inc. as a trading security at $31…
Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1 Feb. 1. Purchased 7,500 shares of Caldwell Inc. as a trading security at $50 per share plus a brokerage commission of $75. May 1. Purchased 3,000 shares of Holland Inc. as a trading security at $42 plus a brokerage commission of $90. July 1. Sold 4,500 shares of Caldwell Inc. for $46 per share less a $110 brokerage commission. 31. Received an annual dividend of $0.50 per share on Caldwell Inc. stock. Dec. 31 The portfolio of trading securities was adjusted to fair values of $47 and $40 per share for Caldwell Inc. and Holland Inc., respectively. Record these transactions on page 11: Year 2 Apr. 1. Purchased 5,000 shares of Fuller Inc. as a trading security at $25…
On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. Мay 3. August 4. Оctober 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed.
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The declaration, record, and payment dates in connection with a cash dividend of $115,900 on a corporation's common stock are January 12, March 13, and April 12. Required: Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. 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.
TB EX Qu. 10-160 (Algo) The Shoe Exchange issues... The Shoe Exchange issues 3,000 shares of its $1 par value common stock to provide funds for further expansion. The issue price is $17 per share. Required: Record this transaction. (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 Record this transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Hi, How do I record these transactions? Thanks
Rios Co. is a regional insurance company that began operations on January 1, 2012. The following selected transactions relate to investments acquired by Rios Co., which has a fiscal year ending on December 31: Record these transactions on page 10: 20Y2 Feb. May July 1 Purchased 7,400 shares of Caldwell Inc. common stock at $38 per share plus a brokerage commission of $740. Caldwell has 100,000 shares of common stock outstanding. 1 Purchased securities of Holland Inc. as a trading investment for $93,687. 1 Sold 3,850 shares of Caldwell Inc. for $36 per share less a $105 brokerage commission. 31 Received an annual dividend of $0.25 per share on 3,550 shares of Caldwell Inc. stock. Nov. 15 Sold the remaining shares of Caldwell Inc. for $39 per share less a $85 brokerage commission. Dec. 31 The trading securities of Holland Inc. have a fair value on December 31 of $84,345. Record these transactions on page 11: 20Y3 Apr. 1 Purchased securities of Fuller Inc. as a trading investment for…
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