Homework Help is Here – Start Your Trial Now!
Business
Accounting
Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value.

Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
prepare general journal entries for these transactions
Dan's Hobby Stores had the following stock transactions during the year: Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value.
Transcribed Image Text:Dan's Hobby Stores had the following stock transactions during the year: Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS