Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of preferred stock, $60 par at $72. a.  Journalize the entries for October 31 and November 19. If an amount box does not require an entry, leave it blank. Oct. 31         Common Stock        Paid-In Capital in Excess of Par-Common Stock      Nov. 19 Cash       Preferred Stock        Paid-In Capital in Excess of Par-Preferred Stock

Q: On January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

A: Total amount received from issue of preferred stock = 7,000 shares x $94 per share = $658,000 Par…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

A: Total paid in capital is the amount of capital which includes the common stock, preferred stock,…

Q: Issuing Stock Willow Creek Nursery, with an authorization of 20,000 shares of preferred stock and…

A: The procedure of entering business transactions for first time in the books of accounts is known as…

Q: Entries for Treasury Stock On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common…

A: Treasury stock is the outstanding stock purchased by company itself. Treasury stock is to be…

Q: On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common stock at…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: On January 22 : (a) Number of Common Stock shares issued = 210,000 shares (b) Par Value = $ 30 (c)…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 110,000 shares of $8 par…

A: Total amount invested (total paid in capital) = Total common stock capital + Total preferred stock…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 120,000 shares of $5 par…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: On October 31 : Number of Shares = 400,000 Par Value = $ 10 Issue Price = $ 18 Paid in Capital in…

Q: On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a…

A: The reporting of the transactions in the accounting books can primarily be done by recording Journal…

Q: On January 22, Muir Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Cash received on January 22 = No. of common shares issued x issue price per share = 12,000 x $45 per…

Q: Entries for Isuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Amount  received  for issue of shares in excess of par value will be credited  to paid in capital…

Q: McVie Corporation's stock has a par value of $2. The company has the following transactions during…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in…

Q: On January 22, Shamrock Corporation issued for cash 13,000 shares of no-par common stock at $40. On…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Total  fair market prices of assets = Land + Building + Equipment = $89000 + 486000 + 109000 =…

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 76,000 shares of its common stock at…

A: Introduction Treasury stock: Treasury stock is the company’s its own stock which company purchases…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Issue of stock means to sell the shares of the entity in the market. The selling of shares could be…

Q: Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 13,000 shares of…

A:

Q: On January 22, Erin Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Date Account Titles and Explanation Debit Credit January 22 Cash (12,000 x $45) $540,000     To…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Joung Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common…

A: Total amount received from issue of common stock = 250,000 shares x $15 per share = $3,750,000 Total…

Q: McVie Corporation’s stock has a par value of $2. The company has the following transactions during…

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: n January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Journalize the entries to record the May 23, July 6,and September 15 transactions.

A:

Q: Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued…

A: To prepare journal entries first we need to understand the Golden Rules of Accounting and the types…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Total cash received on issue of preferred stock = No of shares issued x issue price = 15,000 shares…

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 79,000 shares of its common stock at…

A: Solution:- Preparation of journal entries as follows under:-

Q: Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 78,000 shares of its common stock at…

A: Date Account Titles and Explanation Debit Credit May 27 Treasury Stock $702,000…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: The shareholders equity comprises of issued capital, retained earnings, etc. The total paid in…

Q: Issuing Stock Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and…

A: Journal is the initial step in recording the financial transaction, date wise as per the dual entity…

Q: Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash…

A: Introduction: A stockholder is also referred to as a shareholder or an individual who owns at least…

Q: On January 22, Ireland Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Journal Entry is Record of a Transaction in Accounting System. A Journal Entry has Two Colum Debit…

Q: McVie Corporation's stock has a par value of $2. The company has the following transactions during…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Entries fOF ISsuIny StOck On January 22, Ireland Corporation issued for cash 30,000 shares of no-par…

A: Paid in capital in excess of par - Preferred stock = Issue value of preferred stock - Par value of…

Q: a.  Journalize the entries for October 31 and November 19. If an amount box does not require an…

A: Meaning of Common Stock Common stock is also known as ordinary shares or equity shares which are a…

Q: On February 13 Epperson company issued for cash 80,000 shares of no part common stock (with a stand…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: given that,   authorised 1% prefered stock = 100000 shares  par value of preferred stock = $50…

Q: Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 24,000 shares of…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: Shareholders' equity balance includes common stock, preferred stock, and additional paid-in capital.…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: On Jan 22, 35,000 common shares issued {PAR=$25} @ $85 each ~ $60 Share premium   On Feb 27,…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: a.  Date   Account title and explanation   Debit   Credit   Jan. 22   Cash (45,000 x $41)…

Q: Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock…

A: Journal entries are passed following the golden rules of accounting.  Debit all assets and expenses…

Q: lefrerson contractor, sued for 73,000 shares of $45 par common stCk at $54, and on February 2 issued…

A: Journal is the accounting format in which monetary transactions are firstly recorded in the…

Q: Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash…

A: Preferred stock means the amount raised against which dividend is given to stock holder but after…