Journal entries to record May transactions | ||||
Date | Account Titles | Debit | Credit | |
May.11 | Land | $1,423,000 | ||
Building | $3,460,000 | |||
Common stock ($35 Par) | $4,497,500 | |||
Paid in Capital in excess of Par - Common stock | $385,500 | |||
(issued 128500 shares of common stock @ $38 per share in exchange of Land and Building) | ||||
May.20 | Cash | $1,994,100 | ||
Preferred stock ($35 Par) | $1,955,000 | |||
Paid in Capital in excess of Par - Preferred stock | $39,100 | |||
(issued 39100 shares of preferred stock @ $51 per share for Cash) | ||||
May.31 | Cash | $3,800,000 | ||
Mortgage Note Payable | $3,800,000 | |||
(Borrowed $3800000 from Laurel National giving a 4% mortgage note) | ||||
n December 1 of the current year,the tolowing accounts and their balances appear in the ledger...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 1% Stock, $25 par (500,000 shares authorized, 90,000 shares issued) $2,250,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $100 par (1,000,000 shares authorized, 300,000 shares issued) 30,000,000 Paid-In Capital in Excess of Par—Common Stock 2,400,000 Retained Earnings 60,000,000 At the annual stockholders' meeting on March 31, the board...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $25 par (300,000 shares authorized, 140,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 560,000 Common Stock, $100 par (1,000,000 shares authorized, 340,000 shares issued) 34,000,000 Paid-In Capital in Excess of Par—Common Stock 2,720,000 Retained Earnings 68,000,000 At the annual stockholders' meeting on March 31, the board...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $75 par (500,000 shares authorized, 150,000 shares issued) $11,250,000 Paid-In Capital in Excess of Par-Preferred Stock 1,800,000 Common Stock, $100 par (700,000 shares authorized, 250,000 shares issued) 25,000,000 Paid-In Capital in Excess of Par-Common Stock 2,000,000 50,000,000 Retained Earnings At the annual stockholders' meeting on March 31, the board...
Pulsar Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Pulsar Optics on April 30 of the current year as follows: Preferred 2% Stock, $50 par (500,000 shares authorized, 150,000 shares issued) $7,500,000 Paid-In Capital in Excess of Par—Preferred Stock 1,500,000 Common Stock, $100 par (700,000 shares authorized, 230,000 shares issued) 23,000,000 Paid-In Capital in Excess of Par—Common Stock 1,840,000 Retained Earnings 46,000,000 At the annual stockholders’ meeting on August 5,...
Calculator eBook 42,000,000 Retained Eamings At the annual stockholders' meeting on March 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $18,300,000. The plan provided (a) that a building, valued at $3,200,000, and the land on which it is located, valued at $4,700,000, be acquired in accordance with preliminary negotiations by the issuance of 75,000 shares of common stock, (b) that 60,000 shares of the unissued preferred stock be issued...
Stock transaction for corporate expansion Pulsar Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Pulsar Optics on April 30 of the current year as follows: Preferred 4% Stock, $50 par (400,000 shares authorized, 100,000 shares issued) $5,000,000 Paid-In Capital in Excess of Par—Preferred Stock 1,000,000 Common Stock, $100 par (800,000 shares authorized, 260,000 shares issued) 26,000,000 Paid-In Capital in Excess of Par—Common Stock 2,080,000 Retained Earnings 52,000,000 At the annual...
Stock transaction for corporate expansion Pulsar Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Pulsar Optics on April 30 of the current year as follows: Preferred 2% Stock, $75 par (300,000 shares authorized, 110,000 shares issued) $8,250,000 Paid-In Capital in Excess of Par—Preferred Stock 1,650,000 Common Stock, $100 par (900,000 shares authorized, 210,000 shares issued) 21,000,000 Paid-In Capital in Excess of Par—Common Stock 1,680,000 Retained Earnings 42,000,000 At the annual...
Please help with the below journal, instructions and chart of accounts are on second screenshot. thank you Stock transactions for corporate expansion Instructions Chart of Accounts Journal Journal Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Stock transactions for corporate expansion Instructions Chart of Accounts Journal Instructions Chart of Accounts ASSETS REVENUE On December...
Exercise 11-20 The following accounts appear in the ledger of Sheffield Corp. after the books are closed at December 31, 2019: Common Stock, no par, $3 stated value, 387,000 shares authorized; 275,000 shares issued $ 825,000 Common Stock Dividends Distributable 31,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,300,000 Preferred Stock, $6 par value, 8%, 35,000 shares authorized; 26,700 shares issued 160,200 Retained Earnings 839,000 Treasury Stock (10,200 common shares) 81,600 Paid-in Capital in Excess of Par—Preferred Stock 340,000...
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $702,000 Paid-In Capital from Sale of Treasury Stock 28,800 Paid-In Capital in Excess of Par—Common Stock 18,720 Retained Earnings 1,102,000 Treasury Stock 14,535 Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of The stock outstanding when a corporation has issued only...