If shares of preferred stock are sold at par value for cash, the transaction would be...
If shares of preferred stock are sold at par value for cash, the transaction would be entered by:
A. debiting Cash and crediting Preferred Stock.
B.debiting Cash and crediting Paid−in Capital in Excess of Par.
C. debiting Paid−In Capital in Excess of Par and crediting Preferred Stock.
D. debiting Preferred Stock and crediting Cash.
Homework Answers
Answer = A) Debiting Cash and Crediting Preferred Stock
Record the Issue of Preferred stock at par
| Cash | xxx | |
| Preferred Stock | XXX |
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If shares of preferred stock are sold at par value for cash,
the transaction would be...
Windsor, Inc. issues 31000 shares of $100 par value preferred stock for cash at $115 per...
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Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of...
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The entry to record selling 400 shares of $28 stated value common stock for $44 per...
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Multiple Choice Question 107 Sheffield Corporation issues 10100 shares of $50 par value preferred stock for...
Multiple Choice Question 107 Sheffield Corporation issues 10100 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction wil consist of a debit to Cash for $757500 and a credit or credits to Preferred Stock for $505000 and Paid-in Capital in Excess of Par-Preferred Stock for $252500 Preferred Stock for $252500 and Paid-in Capital from Preferred Stock for $505000 Preferred Stock for $757500 Paid-in Capital from Preferred Stock for $757500 Click...
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Smith & Sons, Inc., has 17,000 shares of $100 par value, six percent preferred stock and 80,000 shares of $0.50 par value common stock outstanding. The preferred stock is convertible into the company's common stock at a conversion rate of 1-to-20; that is, each share of preferred stock is convertible into 20 shares of common stock. The preferred stock had been sold for its par value when issued. Prepare the journal entry to record the conversion of all of the...
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Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of equipment with a current market value of $5,000. Which of the following Is NOT part of the journal entry for this transaction? Crediting Common Stock for $3,600 Crediting Common Stock for $5,000 Crediting paid-in capital in excess of par-common for $1,400 Debiting equipment for $5,000
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of $100 par value, 10%, preferred stock and 1,068,600 shares of
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following balances pertaining to stockholders’ equity.
Preferred Stock
$130,000
Paid-in Capital in Excess of Par—Preferred Stock
14,000
Common Stock
1,068,600
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2,219,400
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