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Mar. 23: Issued 240 shares of $1 par value common stock for cash of $12 per...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock...
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $4 par value...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Dat...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Date Accounts and Explanation Debit Credit Sep. 6 Cash 7,500 250 Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 7,250 Issued common stock for cash. Sep. 12: Issued 450 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Debit Credit Sep. 12 Cash 21,000 Preferred Stock—No Par Value 21,000 Sep. 14: Issued 1,700 shares of common...
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on...
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on April 7, 3,000 shares of $80 par preferred stock were issued at $107. Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts 193 Equipment 534 Insurance Expense 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipment...
Mendoza Corp was organized on JAN 1, 2017. It is authorized to issue 20,000 shares of...
Mendoza Corp was organized on JAN 1, 2017.
It is authorized to issue 20,000 shares of 6%, $40 par value
preferred stock, and 500,000 shares of no-par common stock with a
stated value of $2 per share.
These stock transactions were completed during the first year.
Jan 10 Issued 100,000 shares of common stock for cash at $3 per
share. ar. 1 Issued 10,000 shares of preferred stock for cash at
$55 per share.
Apr. 1 Issued 25,000 shares of...
Problem 13-03A a-c (Video) The stockholders' equity accounts of Ayayai Corporation on January 1, 2020, were as follows Preferred Stock (8%, $48 par, 10,000 shares authorized) Common Stock ($1 sta...
Problem 13-03A a-c (Video) The stockholders' equity accounts of Ayayai Corporation on January 1, 2020, were as follows Preferred Stock (8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $360,000 1,000,000 100,000 1,400,000 1,750,000 40,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued...
Current Attempt in Progress Parker Corporation has issued 1.700 shares of common stock and 340 shares...
Current Attempt in Progress Parker Corporation has issued 1.700 shares of common stock and 340 shares of preferred stock for a lump sum of $63,000 cash. (a) Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock) (Credit...
The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per...
The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is Select one: a. Debit: Cash 640,000 Credit: Common Stock 400,000 Credit: Paid-in Capital in Excess of Stated Value 240,000 b. Debit: Cash 640,000 Credit: Common Stock 640,000 c. Debit: Cash 640,000 Credit: Common Stock 400,000 Credit: Paid-in Capital in Excess of Par Value 240,000
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
Suppose Quality Home Imports issued 300,000 shares of $0.02 par common stock at $4 per share....
Suppose Quality Home Imports issued 300,000 shares of $0.02 par common stock at $4 per share. Which journal entry correctly records the issuance of this stock? Date Accounts and Explanation Debit Credit O A. Common Stock—$0.02 Par Value 1,200,000 Cash 6,000 1,194,000 Paid-In Capital in Excess of Par-Common | 1,200,000 Cash Common Stock—$0.02 Par Value Paid-In Capital in Excess of Par-Common 6,000 1,194,000 OC. Common Stock—$0.02 Par Value 1,200,000 Cash 1,200,000 D. 1,200,000 Cash Common Stock—$0.02 Par Value 1,200,000
o The charter of Maple Leaf Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,200 shares of common stock. During a two-month period, Maple Leaf completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements. Requirements - X Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 23: Issued 250 shares of $4 par value...
Debit Credit Mar. 4: Issued 20,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Mar. 4 Cash Common Stock-$1 Par Value Paid In Capital in Excess of Par-Common 180,000 20,000 160,000 Issued common stock for cash. May 22: Purchased 1,200 shares of treasury stock-common at $11 per share. Date Accounts and Explanation May 22 Treasury Stock-Common Cash Debit Credit 13,200 13,200 Purchased treasury stock. Credit Sep. 22: Sold 600 shares of treasury stock-common...
Sep. 6: Issued 250 shares of common stock to the promoters who organized the corporation, receiving cash of $7,500. Date Accounts and Explanation Debit Credit Sep. 6 Cash 7,500 250 Common Stock-$1 Par Value Paid-In Capital in Excess of Par—Common 7,250 Issued common stock for cash. Sep. 12: Issued 450 shares of preferred stock for cash of $21,000. Date Accounts and Explanation Debit Credit Sep. 12 Cash 21,000 Preferred Stock—No Par Value 21,000 Sep. 14: Issued 1,700 shares of common...
On April 1, 10,000 shares of $8 par common stock were issued at $25, and on April 7, 3,000 shares of $80 par preferred stock were issued at $107. Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts 193 Equipment 534 Insurance Expense 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipment...
Mendoza Corp was organized on JAN 1, 2017.
It is authorized to issue 20,000 shares of 6%, $40 par value
preferred stock, and 500,000 shares of no-par common stock with a
stated value of $2 per share.
These stock transactions were completed during the first year.
Jan 10 Issued 100,000 shares of common stock for cash at $3 per
share. ar. 1 Issued 10,000 shares of preferred stock for cash at
$55 per share.
Apr. 1 Issued 25,000 shares of...
Problem 13-03A a-c (Video) The stockholders' equity accounts of Ayayai Corporation on January 1, 2020, were as follows Preferred Stock (8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $360,000 1,000,000 100,000 1,400,000 1,750,000 40,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued...
Current Attempt in Progress Parker Corporation has issued 1.700 shares of common stock and 340 shares of preferred stock for a lump sum of $63,000 cash. (a) Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock) (Credit...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
Suppose Quality Home Imports issued 300,000 shares of $0.02 par common stock at $4 per share. Which journal entry correctly records the issuance of this stock? Date Accounts and Explanation Debit Credit O A. Common Stock—$0.02 Par Value 1,200,000 Cash 6,000 1,194,000 Paid-In Capital in Excess of Par-Common | 1,200,000 Cash Common Stock—$0.02 Par Value Paid-In Capital in Excess of Par-Common 6,000 1,194,000 OC. Common Stock—$0.02 Par Value 1,200,000 Cash 1,200,000 D. 1,200,000 Cash Common Stock—$0.02 Par Value 1,200,000
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