Homework Answers
| Journal entries | |||||
| Transaction | Accounts | Debit | Credit | Calculation | |
| a | Cash | 6,480,000 | =240,000*27 | ||
| Common Stock | 240,000 | =240,000*1 | |||
| Paid in Capital in Excess of Par- Common Stock | 6,240,000 | ||||
| (To record issuance of 240,000 common shares of $1 par value @ $27 per share) | |||||
| b | Treasury Stock | 151,200 | =5,400*28 | ||
| Cash | 151,200 | ||||
| (To record purchase of 5,400 previously issued common shares @ $28 per share) | |||||
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Journal entry worksheet 1 Record the issuance of 240,000 shares of common stock with a $1...
Journal entry worksheet 2 Record the issuance of 6,600 shares of common stock with a par...
Journal entry worksheet 2 Record the issuance of 6,600 shares of common stock with a par value $2 for a price of $26 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit а Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the issuance of 2,600 shares of common stock with a par value $2 for a price of $29 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b...
Prepare the journal entry to record Autumn Company's issuance of 65,000 shares of no-par value common...
Prepare the journal entry to record Autumn Company's issuance of 65,000 shares of no-par value common stock assuming the shares: a. Sell for $28 cash per share. b. Are exchanged for land valued at $1,820,000. Skipped Book View transaction list Hint Journal entry worksheet Print Cerences 1 2 Record the issuance of 65,000 shares of no-par value common stock assuming the shares sell for $28 cash per share. Note: Enter debits before credits. Skipped Live Stre. eBook 2 Hint Saved...
Prepare the journal entry to record Zende Company's issuance of 72,000 shares of $6 par value...
Prepare the journal entry to record Zende Company's issuance of 72,000 shares of $6 par value common stock assuming the shares sell for: a. $6 cash per share. b. $7 cash per share. View transaction list Journal entry worksheet Record the issuance of 72,000 shares of $6 par value common stock assuming the shares sell for $6 cash per share. Note: Enter debits before credits. Transaction General Journal General lo Debit Credit Record entry Clear entry View general journal Prepare...
Prepare the journal entry to record Jevonte Company's issuance of 45,000 shares of its common stock...
Prepare the journal entry to record Jevonte Company's issuance of 45,000 shares of its common stock assuming the shares have a: a. $4 par value and sell for $23 cash per share. b. $4 stated value and sell for $23 cash per share. 15 points View transaction list Journal entry worksheet Record the issuance of 45,000 shares of common stock assuming the shares have a $4 par value and sell for $23 cash per share. Note: Enter debits before credits...
Required information Exercise 10-3A Record the issuance of common stock (LO10-2) [The following information applies to...
Required information Exercise 10-3A Record the issuance of common stock (LO10-2) [The following information applies to the questions displayed below.) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 600 shares of common stock for $40 per share. April 1 Issues 100 additional shares of common stock for $44 per share. Exercise 10-3A Part 1 Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common...
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares...
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $17 per share. a. Sale of the above stock b. Sale of above stock if the par value was $2 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares of treasury stock for $42 per share. Note: Enter debits before credits. Credit Date General Journal Debit August 15, 2021 Record entry View general journal 4 View transaction list Journal entry worksheet 1 2 3 4 5 Record the declaration of a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred...
Brief Exercise 10-4 Record issuance of common stock (LO10-2) Gothic Architecture is a new chain of clothing stores spec...
Brief Exercise 10-4 Record issuance of common stock (LO10-2) Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par value common stock at $13 per share. Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet...
1. Prepare the journal entry to record Tamas Company's issuance of 5,400 shares of $100 par...
1. Prepare the journal entry to record Tamas Company's issuance of 5,400 shares of $100 par value, 6% cumulative preferred stock for $104 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of...
4 Journal entries are required: 1. Record the issuance of 100,000 shares of common stock for...
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
Journal entry worksheet 2 Record the issuance of 6,600 shares of common stock with a par value $2 for a price of $26 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit а Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the issuance of 2,600 shares of common stock with a par value $2 for a price of $29 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b...
Prepare the journal entry to record Autumn Company's issuance of 65,000 shares of no-par value common stock assuming the shares: a. Sell for $28 cash per share. b. Are exchanged for land valued at $1,820,000. Skipped Book View transaction list Hint Journal entry worksheet Print Cerences 1 2 Record the issuance of 65,000 shares of no-par value common stock assuming the shares sell for $28 cash per share. Note: Enter debits before credits. Skipped Live Stre. eBook 2 Hint Saved...
Prepare the journal entry to record Zende Company's issuance of 72,000 shares of $6 par value common stock assuming the shares sell for: a. $6 cash per share. b. $7 cash per share. View transaction list Journal entry worksheet Record the issuance of 72,000 shares of $6 par value common stock assuming the shares sell for $6 cash per share. Note: Enter debits before credits. Transaction General Journal General lo Debit Credit Record entry Clear entry View general journal Prepare...
Prepare the journal entry to record Jevonte Company's issuance of 45,000 shares of its common stock assuming the shares have a: a. $4 par value and sell for $23 cash per share. b. $4 stated value and sell for $23 cash per share. 15 points View transaction list Journal entry worksheet Record the issuance of 45,000 shares of common stock assuming the shares have a $4 par value and sell for $23 cash per share. Note: Enter debits before credits...
Required information Exercise 10-3A Record the issuance of common stock (LO10-2) [The following information applies to the questions displayed below.) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 600 shares of common stock for $40 per share. April 1 Issues 100 additional shares of common stock for $44 per share. Exercise 10-3A Part 1 Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common...
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $17 per share. a. Sale of the above stock b. Sale of above stock if the par value was $2 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares of treasury stock for $42 per share. Note: Enter debits before credits. Credit Date General Journal Debit August 15, 2021 Record entry View general journal 4 View transaction list Journal entry worksheet 1 2 3 4 5 Record the declaration of a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred...
Brief Exercise 10-4 Record issuance of common stock (LO10-2) Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par value common stock at $13 per share. Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet...
1. Prepare the journal entry to record Tamas Company's issuance of 5,400 shares of $100 par value, 6% cumulative preferred stock for $104 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of...
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
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