Homework Answers
Solution
| Date | Accounts title and explanation | Debit | Credit |
| Jun-01 | Cash | $ 20,800.00 | |
| Common stock | $ 20,800.00 | ||
| (To record issue of common stock) |
In case of no par or stated value all sales proceeds goes to common stock account. Additional paid in capital is considered as zero.
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On June 1, Shamrock, Inc. issues 2,600 shares of no-par common stock at a cash price...
On June 1, Larkspur, Inc. issues 2,200 shares of no-par common stock at a cash price...
On June 1, Larkspur, Inc. issues 2,200 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares. (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 enter0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Metlock, Inc. issues 2.400 shares of no-par common stock at a cash price...
On June 1, Metlock, Inc. issues 2.400 shares of no-par common stock at a cash price of $ 5 per share. Journalize the issuance of the shares. (Credit account titles are automatically Indented when amount is entered. Do not indent manually Itf no entry is required, select No Entry' for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Tucker Inc. issues 3,000 shares of no-par common stock at a cash price...
On June 1, Tucker Inc. issues 3,000 shares of no-par common
stock at a cash price of $7 per share.
Journalize the issuance of the shares. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
On June 1, Metlock Inc issues 2400 shares of no-par common stock at a cash price...
On June 1, Metlock Inc issues 2400 shares of no-par common stock at a cash price of $ 5 per share Jourmalize the issuance of the shares (Credit account atles are automatical indented when amount is entered, De not indent mamull no entry Date Account Titles and Explanation June 1 s requid, select The Entry" for the account itles and enter Ofor the unts) Debit Credit
On July 1, Shamrock, Inc. purchases 510 shares of its $5 par value common stock for...
On July 1, Shamrock, Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (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 for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 2550 Cash 2550 Cash
On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On Oct...
On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On October 15. Shamrock receives a cash dividend of $2.85 per share from Datawave. On December 1. Shamrock sells the shares for $131.200 cash. Prepare the journal entry to record the purchase of the shares. (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...
Metlock, Inc issues 7,800 shares of $ 103 par value preferred stock for cash at $...
Metlock, Inc issues 7,800 shares of $ 103 par value preferred stock for cash at $ 110per share. Journalize the issuance of the preferred stock (Credit account titles ore automatically Indented when amount is entered Do not indent manually.If no entry is required,select "No Entry' for the occount titles and enter O for the amounts) Account Titles and Explanation Debit Credit
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares...
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (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 O for the amounts.) Date Account Titles...
On May 10, Paige Corporation issues 2,500 shares of $5 par value common stock for cash...
On May 10, Paige Corporation
issues 2,500 shares of $5 par value common stock for cash at $13
per share.
Journalize the issuance of the stock. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 10
Brief Exercise 11-2 On May 10, Jack Corporation issues 2,200 shares of $13 par value common...
Brief Exercise 11-2
On May 10, Jack Corporation issues 2,200 shares of $13 par value
common stock for cash at $21 per share.
Journalize the issuance of the stock. (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.)
Date
Account Titles and Explanation
Debit
Credit
May 10
On June 1, Larkspur, Inc. issues 2,200 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares. (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 enter0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Metlock, Inc. issues 2.400 shares of no-par common stock at a cash price of $ 5 per share. Journalize the issuance of the shares. (Credit account titles are automatically Indented when amount is entered. Do not indent manually Itf no entry is required, select No Entry' for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Tucker Inc. issues 3,000 shares of no-par common
stock at a cash price of $7 per share.
Journalize the issuance of the shares. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
On June 1, Metlock Inc issues 2400 shares of no-par common stock at a cash price of $ 5 per share Jourmalize the issuance of the shares (Credit account atles are automatical indented when amount is entered, De not indent mamull no entry Date Account Titles and Explanation June 1 s requid, select The Entry" for the account itles and enter Ofor the unts) Debit Credit
On July 1, Shamrock, Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (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 for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 2550 Cash 2550 Cash
On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On October 15. Shamrock receives a cash dividend of $2.85 per share from Datawave. On December 1. Shamrock sells the shares for $131.200 cash. Prepare the journal entry to record the purchase of the shares. (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...
Metlock, Inc issues 7,800 shares of $ 103 par value preferred stock for cash at $ 110per share. Journalize the issuance of the preferred stock (Credit account titles ore automatically Indented when amount is entered Do not indent manually.If no entry is required,select "No Entry' for the occount titles and enter O for the amounts) Account Titles and Explanation Debit Credit
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (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 O for the amounts.) Date Account Titles...
On May 10, Paige Corporation
issues 2,500 shares of $5 par value common stock for cash at $13
per share.
Journalize the issuance of the stock. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 10
Brief Exercise 11-2
On May 10, Jack Corporation issues 2,200 shares of $13 par value
common stock for cash at $21 per share.
Journalize the issuance of the stock. (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.)
Date
Account Titles and Explanation
Debit
Credit
May 10
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