Entries for Issuing Stock On January 22, Erin Corporation issued for cash 13,000 shares of no-par common stock at $45. On February 14, Erin issued at par value 5,000 shares of preferred 4% stock, $75 par for cash. On August 30, Erin issued for cash 17,000 shares of preferred 4% stock, $75 par at $80. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22               Feb. 14               Aug. 30

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: Stock issued and outstanding for Cowboy Ice Cream (CIC) at January 1, Year 2 is listed below:…

A: The dividend is declared and paid from the net income of the current year and retained earnings of…

Q: Entries for issuing stockOn May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon…

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

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: a.

Q: Entries for Issuing Stock On January 22, Erin Corporation issued for cash 21,000 shares of no-par…

A: Definition:

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: Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68 per share and 12,000…

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

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 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: Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of…

A: Given that: Par value of common stock = $60 Par value of preference stock = $20

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

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

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: Record following stock transactions of Smith Corporation, which represent all its treasury stock…

A: Journal entry: It is the primary stage of recording any transactions incurred in the business. It…

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

A:

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: Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at…

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

Q: Entries for Issuing Stock On January 22, Muir Corporation issued for cash 30,000 shares of no-par…

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

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: 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: Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a staled value of $3)…

A: Journal entries are usually recorded in the books to primarily show the effect of transactions…

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

A: Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…

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: 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: Entries for Treasury Stock On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common…

A:

Q: On April 1, 8,000 shares of $7 par common stock were issued at $25, and on April 7, 2,000 shares of…

A: If the shares (common or preferred) are issued for more than a par value of a share, the excess…

Q: Ise Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock…

A: When a company reacquires/purchases its owns share, it called treasury shares. Assumption :cost…

Q: Top-Value Corporation has 900,000 shares of $26 par common stock outstanding. On September 2,…

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

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 Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A:

Q: Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000…

A: A journal entry records a business transaction and is the first step of the accounting cycle. Every…

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

A: Working note : 9 august transaction Fair market value of all assets 480000 and par value of share…

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

A: Date Account Debit Credit   Feb 5 Cash $ 1,125,000   =75000*15   Common stock   $ 1,125,000…

Q: Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 15,000 shares of…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

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: 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: A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The…

A:

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

A: The Par value of a common share is $10. So Common Stock will always be credited by the amount of…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.