College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 20, Problem 1MP
Stockholders’ equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below.
(a) Received $20,000 for the balance due on subscriptions for
(b) Purchased 10,000 shares of common
(c) Received subscriptions for 10,000 shares of common stock at $19 per share, collecting down payments of $45,000.
(d) Issued 15,000 shares of common stock in exchange for land with a fair market value of $290,000.
(e) Sold 5,000 shares of common treasury stock for Si00,000.
(f) Issued 10,000 shares of preferred stock at $11.50 per share, receiving cash.
(g) Sold 3,000 shares of common treasury stock for $17 per share.
REQUIRED
- 1. Prepare general
journal entries for the transactions, identifying each transaction by letter. - 2.
Post the journal entries to appropriate T accounts. The cash account has a beginning balance of $300,000. - 3. Prepare the stockholders’ equity section of the
balance sheet as of December 31, 20--. Net income for the year was $825,000 and dividends of $400,000 were paid.
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eTextbook and Media
List of Accounts
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1260000
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Assistance Used
Assistance Used
Post to the stockholders' equity accounts. (Post entries in the order of journal entries…
During the year the following selected transactions affecting stockholders' equity occurred for
Orlando Corporation:
a. April 1: Repurchased 240 shares of the company's common stock at $30 cash per share.
b. June 14: Sold 60 of the shares purchased on April 1 for $35 cash per share.
c. September 1: Sold 50 of the shares purchased on April 1 for $25 cash per share.
Required:
1. Prepare journal entries for each of the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the
first account field.
View transaction list
Journal entry worksheet
1
2
3
Repurchased 240 shares of the company's common stock at $30 cash per
share.
Note: Enter debits before credits.
Date
April 01
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Chapter 20 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 20 - Prob. 1TFCh. 20 - Prob. 2TFCh. 20 - Dividends are not taxable because these earnings...Ch. 20 - Prob. 4TFCh. 20 - Prob. 5TFCh. 20 - Prob. 1MCCh. 20 - Prob. 2MCCh. 20 - Prob. 3MCCh. 20 - Stock subscriptions receivable are listed as...Ch. 20 - Treasury stock is listed as a(n) __________ on the...
Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - Prob. 9SPBCh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License