4. A corporation was organized on January 30 of the current year, with an authorization of...

Question

Question

4. A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of preferred stock.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Jan 30_2021

1. Bank Account debit 345,000

To share capital 45000

To share premium account 300,000

2. Jan 31

Legal fees account debit 6000

To share capital 1200*3 3600

To bank account (Balance payment) 2400

3. Feb 24

Land debit 65,000

buildings 120,000

Equipment 45,000

To share capital account 60,000,

To Bank account / Share Premium account 170,000

4. March 15

Bank Account debit 112,000 (2000X 56)

To share capital credit 24,000 (2000X12)

To Share Premium account 88,000 (2000X44)

Add a comment

Answer 2

Similar Homework Help Questions

4. A corporation was organized on January 30 of the current year, with an authorization of...

4. A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of s preferred stock, $12 par, and 100,000 shares of $3 par common stock REQUIRED (16 points) Prepare journal entries to record the following Issued 15,000 shares of common stock at $23 per share for cash. Jan. 30, 2021 Jan 31 Issued 1,200 shares of common stock at par to an attorney in payment of legal fees costing $6,000 for organizing the...
4. A corporation was organized on January 30 of the current year, with an authorization of...

4. A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of sa preferred stock, $12 par, and 100,000 shares of $3 par common stock REQUIRED (16 points) Prepare journal entries to record the following Jan 30, 2021 Issued 15,000 shares of common stock at $23 per share for cash. Jan 31 Issued 1,200 shares of common stock at par to an attorney in payment of legal fees costing $6,000 for organizing the...
4. A corporation was organized on January 30 of the current year, with an authorization of...

4. A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock. REQUIRED (16 points) Prepare journal entries to record the following Jan. 30, 2021 Issued 15,000 shares of common stock at $23 per share for cash. Jan 31 Issued 1,200 shares of common stock at par to an attorney in payment of legal fees costing $6,000 for organizing the...

journalize Instructions A corporation was organized on January 1 of the current year, with an authorization...

journalize Instructions A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of 4%, 512 par preferred stock, and 100,000 shares of $3 par common stock The following selected transactions were completed during the first year of operations Jan. 3 31 Issued 15,000 shares of common stock at 523 per share for cash Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value...
ACCT 1020 D2L Problem 1 A corporation was organized on January 1 of the current year,...

ACCT 1020 D2L Problem 1 A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of 4%, $12 par preferred stock, and 100,000 shares of S3 par common stock. The following selected transactions were completed during the first year of operations: Jan. 3 Issued 15,000 shares of common stock at $23 per share for cash. 31 Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the...
Professional products inc., a wholesaler of office products waas organized on Feb.5 of the current year,...

Professional products inc., a wholesaler of office products waas organized on Feb.5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 1,000,000 shares of $8 par common stock. The following selected transactions were complleted during the first year of operations: Feb 5 issued 600,000 shares of common stock at par for cash Feb 5 issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing...

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of...

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 700,000 shares of common stock at par for cash. Feb. 5...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 Issued 247,000 shares of common stock at par for cash. 5 Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing...
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 5 Issued 247,000 shares of common stock at par for cash. Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing...

Show Me How Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on...

Show Me How Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000 shares of 58 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions If an amount box does not require an entry, leave it blank Feb. 5. Issued 700,000 shares of common stock at par for...

4. A corporation was organized on January 30 of the current year, with an authorization of...

Homework Answers

Add Answer to:
4. A corporation was organized on January 30 of the current year, with an authorization of...

Post as a guest

Earn Coins