Homework Answers
Solution
| Accounts title and explanation | Debit | Credit |
| Cash | $ 825,000.00 | |
| Preferred stock | $ 757,500.00 | |
| Paid in capital in excess of par- Preferred stock | $ 67,500.00 | |
| (To record issuance of preferred stock) |
Additional paid in capital received = (110-101) x 75000 shares = $67500.
Additional paid in capital is money received in excess of par value.
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Brief Exercise 11-04 Kingbird, Inc. issues 7,500 shares of $101 par value preferred stock for cash...
Brief Exercise 11-5 Swifty Corporation issues 5,150 shares of $120 par value preferred stock for cash...
Brief Exercise 11-5 Swifty Corporation issues 5,150 shares of $120 par value preferred stock for cash at $135 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER
Exercise 15-05 Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares...
Exercise 15-05 Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per...
Metlock, Inc issues 7,800 shares of $ 103 par value preferred stock for cash at $...
Metlock, Inc issues 7,800 shares of $ 103 par value preferred stock for cash at $ 110per share. Journalize the issuance of the preferred stock (Credit account titles ore automatically Indented when amount is entered Do not indent manually.If no entry is required,select "No Entry' for the occount titles and enter O for the amounts) Account Titles and Explanation Debit Credit
Brief Exercise 11-2 On May 10, Jack Corporation issues 2,200 shares of $13 par value common...
Brief Exercise 11-2
On May 10, Jack Corporation issues 2,200 shares of $13 par value
common stock for cash at $21 per share.
Journalize the issuance of the stock. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
May 10
Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per share. (Round...
On June 1, Tucker Inc. issues 3,000 shares of no-par common stock at a cash price...
On June 1, Tucker Inc. issues 3,000 shares of no-par common
stock at a cash price of $7 per share.
Journalize the issuance of the shares. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
On May 10, Paige Corporation issues 2,500 shares of $5 par value common stock for cash...
On May 10, Paige Corporation
issues 2,500 shares of $5 par value common stock for cash at $13
per share.
Journalize the issuance of the stock. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 10
On June 1, Larkspur, Inc. issues 2,200 shares of no-par common stock at a cash price...
On June 1, Larkspur, Inc. issues 2,200 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Shamrock, Inc. issues 2,600 shares of no-par common stock at a cash price...
On June 1, Shamrock, Inc. issues 2,600 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Metlock, Inc. issues 2.400 shares of no-par common stock at a cash price...
On June 1, Metlock, Inc. issues 2.400 shares of no-par common stock at a cash price of $ 5 per share. Journalize the issuance of the shares. (Credit account titles are automatically Indented when amount is entered. Do not indent manually Itf no entry is required, select No Entry' for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit June 1
Brief Exercise 11-5 Swifty Corporation issues 5,150 shares of $120 par value preferred stock for cash at $135 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER
Exercise 15-05 Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per...
Metlock, Inc issues 7,800 shares of $ 103 par value preferred stock for cash at $ 110per share. Journalize the issuance of the preferred stock (Credit account titles ore automatically Indented when amount is entered Do not indent manually.If no entry is required,select "No Entry' for the occount titles and enter O for the amounts) Account Titles and Explanation Debit Credit
Brief Exercise 11-2
On May 10, Jack Corporation issues 2,200 shares of $13 par value
common stock for cash at $21 per share.
Journalize the issuance of the stock. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
May 10
Kingbird Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $122,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of the preferred is $225 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $214 per share. (Round...
On June 1, Tucker Inc. issues 3,000 shares of no-par common
stock at a cash price of $7 per share.
Journalize the issuance of the shares. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
On May 10, Paige Corporation
issues 2,500 shares of $5 par value common stock for cash at $13
per share.
Journalize the issuance of the stock. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 10
On June 1, Larkspur, Inc. issues 2,200 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Shamrock, Inc. issues 2,600 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 1
On June 1, Metlock, Inc. issues 2.400 shares of no-par common stock at a cash price of $ 5 per share. Journalize the issuance of the shares. (Credit account titles are automatically Indented when amount is entered. Do not indent manually Itf no entry is required, select No Entry' for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit June 1
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