College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 20, Problem 6SPB
PAR AND NO-PAR, COMMON AND
- (a) Issued 24,000 shares of $1 par common stock for $26,000 cash.
- (b) Issued 18,000 shares of $1 par common stock for $18,000 cash.
- (c) Issued 3,000 shares of $10 par, 7% preferred stock for $30,000 cash.
- (d) Issued 4,500 shares of $10 par, 7% preferred stock for $46,500 cash.
- (e) Issued 1,800 shares of no-par common stock for $10,475 cash.
- (f) Issued 1,100 shares of no-par, $7 preferred stock for $32,000 cash.
REQUIRED
- 1. Prepare general
journal entries for these transactions, identifying each by letter. - 2. Assume that stock transactions a, b, and c occurred in year 1. The amount available for dividends at the end of year 1 is $12,600. Prepare the dividend allocation between the preferred and common shares in total and per share for year 1.
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During its first year of operations, Culver Corporation had these transactions pertaining to its common
stock.
Jan. 10 Issued 26,800 shares for cash at $4 per share.
July 1 Issued 59,000 shares for cash at $7 per share.
(a) Journalize the transactions, assuming that the common stock has a par value of $4 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per
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(Record journal entries in the order presented in the problem. Credit account titles are
automatically indented when 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.)
No.
Date
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(b)
>
During its first year of operations, Blue Spruce Corp. had these transactions pertaining to its common stock.
Jan. 10
Issued 27,300 shares for cash at $4 per share.
July 1
Issued 61,500 shares for cash at $7 per share.
(a)
Journalize the transactions, assuming that the common stock has a par value of $4 per share.
(b)
Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 per share.
During its first year of operations, Cullumber Company had the following transactions pertaining to its common stock.
Jan.
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Chapter 20 Solutions
College Accounting, Chapters 1-27
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