Prepare journal entries to record the following transactions for Kenley in for the third quarter of 2019.
Kenley Inc. was organized and authorized to issue 5,000 shares of $50 par value, 7% percent preferred stock and 100,000 shares of $5 par value common stock on July 1, 2019.
July 1 Issued 10,000 shares of common stock at $11 per share
July 1 Issued 200 shares of common stock at $12 per share for services rendered in connection with the organization of the company
July2 Issued 1,000 shares of preferred stock at par value for cash
July 10 Issued 5,000 shares of common stock for land on which the asking price was $95,000. Market value of the stock was $15. Management wishes to record the land at full market value of the stock.
Aug 10 Declared a cash dividend of $0.02 per share on common stock outstanding, payable on Aug 22 to stockholders of record on Aug 12.
Aug 12 Date of record for cash dividends
Aug 22 Paid cash dividends
Sept 15 Issued another 1,000 shares of preferred stock but at $60 per share.
Answer | |||
Date | Account title and explanation | Debit | Credit |
Jun-01 | Cash (10000*11) | $1,10,000 | |
Common stock (10000*5) | $50,000 | ||
Paid-in capital in excess of par- Common stock | $60,000 | ||
(To record issuance of common stock) | |||
Jun-01 | Organization expense (200*12) | $ 2,400 | |
Common stock (200*5) | $ 1,000 | ||
Paid-in capital in excess of par- Common stock | $ 1,400 | ||
(To record issuance of common stock against for services rendered) | |||
Jun-02 | Cash (1000*50) | $ 50,000 | |
Preferred stock | $50,000 | ||
(To record issuance of preferred stock for cash) | |||
Jun-10 | Land (5000*15) | $ 75,000 | |
Common stock (5000*5) | $25,000 | ||
Paid-in capital in excess of par- Common stock | $50,000 | ||
(To record issuance of common stock for land) | |||
Aug-10 | Cash dividend (10000+200+5000) * 0.02 | $ 304 | |
Dividend Payable | $ 304 | ||
(To records Dividend payable) | |||
Aug-12 | No Entry required for record date | ||
Aug-22 | Dividend Payable | $ 304 | |
Cash | $ 304 | ||
(To records Dividend paid) | |||
Jun-02 | Cash (1000*60) | $ 60,000 | |
Preferred stock (1000*50) | $50,000 | ||
Paid-in capital in excess of par- Preferred stock | $10,000 | ||
(To record issuance of preferred stock for cash) |
Prepare journal entries to record the following transactions for Kenley in for the third quarter of...
1) Smart Electronics completed the following stock issuance transactions: Prepare the journal entries to record these transactions. Explanations are not required. 15 points June 7 Issued 5,000 shares of $4 par value common stock for cash of $12 per share Aug. 16 Issued 500 shares of no-par preferred stock for $35,000 cash Sept. 19 | Received equipment with a market value of $95.000 in exchange for 5,000 shares of the $4 par value common stock
Bird Inc. was organized and authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 shares of no par, $5 stated value common stock on July 1, 2017. Stock related transactions for Bird Inc. are as follows: July 1 Issued 10,000 shares of common stock at $11 per share. July 1 Issued 500 shares of common stock at $11 per share for services rendered in connection with the organization of the company. July 2 Issued 1,000...
1) Smart Electronics completed the following stock imance tractions Prepare the journal entries to record these transactions. Explanations are not required. 15 points Issued 4.000 shares of 33 par value common stock for cash of $12 per share Aug. 16 Issued 400 shares of no pur preferred stock for $25.000 cash Sept. 19 Received equipment with a market value of $75.000 in exchange for 5.000 shares of the $3 par value common stock June 7 Total Paid-In Capital generated from...
Franklin Corporation was authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 share of $5 par common stock. Record the following transactions: Issued 10,000 shares of common stock for $12 per share Issued 500 shares of common stock at $11 per share for services rendered in connection with the organization of the company Issued 2,500 shares of common stock for land on which the asking price was $35,000. Market value of the stock was $12....
(Recording the Issuance of Common and Preferred Stock) Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share. Mar. 1 issued 5,000 shares of preferred stock for cash at...
(recording the issuance of common and preferred stock) Kathleen Battle Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares at 8%, $100 par value perferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 - issued 80,000 shares of common stock for cash at $5 per share March 1 - issued 5,000 shares of perferred stock...
Q&A from Online Tutors - Course Hero (2) Facebook Question 2 Not yet answered Points out of 25.00 Flag question Franklin Corporation was authorized to issue 5,000 shares $100 par value, 9% preferred stock and 50,000 share of $5 par common stock. Record the following transactions: • Issued 10,000 shares of common stock for $12 per share • Issued 500 shares of common stock at $11 per share for services rendered in connection with the organization of the company Issued...
L01 LO3 L04 LO5 L02 Comprehensive Stockholders' Equity Transactions and Financial Ratios P 8. Stavski Plastics Corporation was chartered in the Commonwealth of Massa chusetts. The company was authorized to issue 10,000 shares of $100 par value, 6 percent preferred stock and 50,000 shares of no-par common stock. The com mon stock has a S2 stated value. The stock-related transactions for the quarter ended October 31, 2011, were as follows: Aug. 3 Issued 10,000 shares of common stock at $22...
Teal Corporation was organized on January 1, 2017. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,740 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,980 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 24,200 shares...
Whispering Corporation was organized on January 1, 2020. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,120 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,470 shares of preferred stock for cash at $112 per share. Apr. 1 Issued 24,910 shares...