What is the Journal Entry for 1 July Year 2?

Q: Oriole Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump…

A: Common stock and Preference stock are two types of stock or shares that is being issued by the…

Q: Ahnberg corporation had 760,000 shares of common stock and issued and outstanding at january 1. no…

A: Earnings per share (EPS):   The amount of net income available to each shareholder per common share…

Q: A company bought back 57,000 shares of its own common stock at $14 per share. Four months later the…

A: Given Information: Company bought back 57,000 shares at price $14 After 4 month 20,000 shares were…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: At the end of its first year of operations, Mulligan Corporation has outstanding shares of 84,000…

A: Prepare the journal entry to record the issuance of stock during the year: Accounts title and…

Q: Ltd. was incorporated and issued 35,400 common shares for $354,000. On August 19, an additional…

A: The following formula used to calculate Average cost of common shares as follows:-Average cost of…

Q: Garber Corporation had 56,000 shares of $14 par common stock outstanding on January 1, Year 1. On…

A: Stockholders’ equity refers to the ownership interest in the business. It is the claim of the owners…

Q: The following information is to be used for questions 199 and 200: Rogers has just completed their…

A: We have the following information: Net profit: $1,250,000 Value of shares: $1,000,000 Number of…

Q: journal entry to record the issuance, how much should be recorded for Paid-in Capital in Excess of…

A: Given in the question:- 500 Common Stock * $10 per share= $5000 200 Preferred Stock * $ 20 per…

Q: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000…

A: Journal Date Particulars LF Debit    $ Credit    $ 1-Mar Retained Earnings or Cash Dividend A/c…

Q: The corporate charter of Carla Vista Corporation allows the issuance of a maximum of 30,800,000…

A: Solution: When common stock are issued at a price greater than face value, common stock account is…

Q: ABC is authorized to issue 20,000 shares of $1 par value stock. On Feb. 1, it issues 4,000 shares.…

A: Treasury shares are those shares which are being repurchased by the company from its shareholders.…

Q: 20) On October 1, Gregory Corporation purchased 4,000 shares of Treasury Stock for $22 per share. On…

A: Treasury stocks are issued when a company repurchases /buyback it's own shares.  When a company…

Q: The charter of Vista West Corporation specifies that it is authorized to issue 204, 000 shares of…

A: When the shares are bought back or repurchased from the existing shareholders from the market they…

Q: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000…

A: Dividends: The dividend is the sum of the amount paid by the company to its stockholders, out of…

Q: Kagel Corporation had 30,000 shares of $5 par value common stock issued and outstanding on December…

A: Introduction:- A journal entry is an act of recording or keeping track of any financial or…

Q: Lollipop Inc. started the year with 800,000 shares issued, and 250,000 shares held as treasury stock…

A: Journal entries are the primary way of recording financial transactions in accounting. A journal…

Q: Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common…

A: The journal entry is the format under which the business entity identifies, evaluates, and analyses…

Q: The market price of a share of common stock at the time of issuance was $18.00, while the market…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Elroy Corporation repurchased 2,100 shares of its own stock for $55 per share. The stock has a par…

A: The treasury stock includes the own shares of the company repurchased from the sharesholders. The…

Q: On January 1, Pharoah Corporation had 100,000 shares of no-par common stock issued. 8,400 shares are…

A: Journal entries  : A Journal entry is used to record day by day transaction of business by debiting…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A: A journal is a list of all of your spending in chronological order. A journal is often pictured as a…

Q: Vaughn Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: On July 1, Metlock, Inc. purchases 570 shares of its $5 par value common stock for the treasury at a…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000…

A: Introduction: An organization can declare dividends either in cash or in the form of stock…

Q: The Board of Cochal, Inc. has authorized for sale 1,000 shares of common stock at a price of…

A: Treasury Shares are those shares which is bought back by the company from the shareholder, the…

Q: On July 1, Blue Spruce Corp. purchases 550 shares of its $5 par value common stock for the treasury…

A: Cost of treasury stock = 550 shares*$9 Cost of treasury stock = $4,950   Cash received on sale of…

Q: Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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: Starfish Co. issued 420,000 shares of common stock when it began operations in Year 1. In Year 2,…

A: Initial Shares Issued (Year 1):Common stock: 420,000 sharesAdditional Shares Issued (Year 2):Common…

Q: edit to Additional Paid in Capital $40,000. bit to Legal Expense $40,000. ebit to Legal Expense…

A: The journal entry for the transaction would debit legal expense and credit common stock and…

Q: Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: On January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book…

A: 1. Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders…

Q: At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding.…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its…

A: Particulars Debit Credit a       Jan 31 Treasury Stock 110000             Cash   (5000*22)…