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View Inspector Zoom Share Highlight Rotate Search Oriole Corporation was organized on January 1, 2025. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 549,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Jan. 10 Mar. 1 Apr. 1 Jan. 10 Issued 80,950 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,070 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,390 shares of common stock for land. The asking price of the land was $91,900; the fair value of the land was $80,950. May 1 May 1 Issued 80,950 shares of common stock for cash at $8 per share. Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $50,900 for services rendered in helping the company organize. Sept. 1 Issued 10,300 shares of common stock for cash at $10 per share. Aug. 1 Nov. 1 Issued 960 shares of preferred stock for cash at $117 per share. Sept. 1 Nov. 1 Debit Credi

View Inspector Zoom Share Highlight Rotate Search Oriole Corporation was organized on January 1, 2025. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 549,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Jan. 10 Mar. 1 Apr. 1 Jan. 10 Issued 80,950 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,070 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,390 shares of common stock for land. The asking price of the land was $91,900; the fair value of the land was $80,950. May 1 May 1 Issued 80,950 shares of common stock for cash at $8 per share. Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $50,900 for services rendered in helping the company organize. Sept. 1 Issued 10,300 shares of common stock for cash at $10 per share. Aug. 1 Nov. 1 Issued 960 shares of preferred stock for cash at $117 per share. Sept. 1 Nov. 1 Debit Credi

FINANCIAL ACCOUNTING
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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View Inspector Zoom Share Highlight Rotate Search Oriole Corporation was organized on January 1, 2025. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 549,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Jan. 10 Mar. 1 Apr. 1 Jan. 10 Issued 80,950 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,070 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,390 shares of common stock for land. The asking price of the land was $91,900; the fair value of the land was $80,950. May 1 May 1 Issued 80,950 shares of common stock for cash at $8 per share. Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $50,900 for services rendered in helping the company organize. Sept. 1 Issued 10,300 shares of common stock for cash at $10 per share. Aug. 1 Nov. 1 Issued 960 shares of preferred stock for cash at $117 per share. Sept. 1 Nov. 1 Debit Credi
Transcribed Image Text:View Inspector Zoom Share Highlight Rotate Search Oriole Corporation was organized on January 1, 2025. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 549,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Jan. 10 Mar. 1 Apr. 1 Jan. 10 Issued 80,950 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,070 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,390 shares of common stock for land. The asking price of the land was $91,900; the fair value of the land was $80,950. May 1 May 1 Issued 80,950 shares of common stock for cash at $8 per share. Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $50,900 for services rendered in helping the company organize. Sept. 1 Issued 10,300 shares of common stock for cash at $10 per share. Aug. 1 Nov. 1 Issued 960 shares of preferred stock for cash at $117 per share. Sept. 1 Nov. 1 Debit Credi
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