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Question 21 4 pts Wright Inc. issued 20,000 shares of $1 par value common stock for...
On 11/16/2019, Out to Get You, Inc. issued 11,000 shares of $0.10 par value common stock...
On 11/16/2019, Out to Get You, Inc. issued 11,000 shares of $0.10 par value common stock for $5 per share. The journal entry to record this issuance would include: a. A debit to Cash for $55,000. b. A credit to Common Stock for $53,900. c. A credit to Additional Paid-in Capital for $55,000. d. A credit to Common Stock for $55,000. e. A credit to Additional Paid-in Capital for $1,100.
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
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal...
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...
On January 2, 2019, Cotton Inc. issued 35,000 shares of $10 par-value common stock and 5,000...
On January 2, 2019, Cotton Inc. issued 35,000 shares of $10 par-value common stock and 5,000 shares of 8 percent, $50 par-value preferred stock for cash at par value. Prepare a journal entry to record the issuance of the stock. Journal entry worksheet Record the issuance of common stock at $10 per share and preferred stock at $50 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02, 2019
On January 2, 2019, AC Inc. issued 50,000 shares of its no-par-value common stock ($50 stated...
On January 2, 2019, AC Inc. issued 50,000 shares of its no-par-value common stock ($50 stated value) for cash at $51 a share. Prepare a journal entry to record the issuance of the stock. Journal entry worksheet Record the issuance of 50,000 shares of no-par common stock at $51 per share (stated value, $50/share). Note: Enter debits before credits. Date General Journal Debit Credit Jan 02, 2019
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...
To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with no-par value....
To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with no-par value. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the issuance of the no-par value stock at $50. 2. Prepare the journal entry for the issuance of the no-par value stock at $50. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par value and $50 fair value in exchange for all of Saguaro Inc. outstanding common stock. As a result of this acquisition Saguaro ceased to exist as a separate legal entity. On the date of the acquisition, Saguaro had net assets with a book value of $900,000 and fair market value of $1,280,000. Sequoia's journal entry to record this transaction should include: A. $1,500,000 credit...
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms....
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms. Elgin, the bookkeeper, recorded this transaction with a $200,000 debit to Cash and a $200,000 credit to Common Stock. As a result of this entry: Multiple Choice C ) total assets will be overstated. Additional Paid-In Capital will be understated. Oo oo total stockholders' equity will be understated. equity will be overstated.
Question 22 (2 points) Brandon Corporation sold 10,000 shares of $5 par value common stock at...
Question 22 (2 points) Brandon Corporation sold 10,000 shares of $5 par value common stock at $7 per share. The journal entry to record this transaction is debit Common Stock $50,000; debit Paid-in Capital in Excess of Par-Common $20,000; credit Cash $70,000. debit Cash $70,000; credit Common Stock $50,000; credit Paid-in Capital in Excess of Par-Common $20,000. debit Cash $70,000; credit Common Stock $70,000. debit Common Stock $70,000; credit Cash $70,000. Question 23 (2 points) Saved
A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: Multiple Choice O Debit Cash $7,000; Credit Common Stock $7,000 Debit investment in Common Stock $7,000, credit Cash $7,000. O O Debit Cash $7,000; Credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000 O O Debit Common Stock $6,000, debit Investment in Common Stock $1,000, credit Cash $7,000. O O Debit Cash...
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...
To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with no-par value. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the issuance of the no-par value stock at $50. 2. Prepare the journal entry for the issuance of the no-par value stock at $50. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the...
Geronimo Company issued 20,000 shares of $1 par value common stock at $10 per share. Ms. Elgin, the bookkeeper, recorded this transaction with a $200,000 debit to Cash and a $200,000 credit to Common Stock. As a result of this entry: Multiple Choice C ) total assets will be overstated. Additional Paid-In Capital will be understated. Oo oo total stockholders' equity will be understated. equity will be overstated.
Question 22 (2 points) Brandon Corporation sold 10,000 shares of $5 par value common stock at $7 per share. The journal entry to record this transaction is debit Common Stock $50,000; debit Paid-in Capital in Excess of Par-Common $20,000; credit Cash $70,000. debit Cash $70,000; credit Common Stock $50,000; credit Paid-in Capital in Excess of Par-Common $20,000. debit Cash $70,000; credit Common Stock $70,000. debit Common Stock $70,000; credit Cash $70,000. Question 23 (2 points) Saved
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