Exercise 13-5Quay Co. had the following transactions during the curent period.Mar. 2 Issued 4,400 shores of $7 par value common stock to attomeys in payment of a bill for $36,200 for services performed in helping the company to incorporate.June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100.July 11 Issued 2,500 shares of $100 par value preferred stock for cash at $140 per share.Nov. 28 Purchased 1,850 shares of treasury stock for $80,000.Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indentmanually.)

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

Exercise 13-5 Quay Co. had the following transactions during the ourrent period. Mar. 2 Issued 4,400 shares of $7 par value common stock to attomeys in payment of a bill for $36,200 for services performed in helping the company to incorporate. June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100. July 11 Issued 2,500 sheres of $100 par velue preferred stock for cash at $140 per share. Nov. 28 Purchased 1,850 shares of treasury stock for $80,000. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not in manually.)

Exercise 13-5 Quay Co. had the following transactions during the ourrent period. Mar. 2 Issued 4,400 shares of $7 par value common stock to attomeys in payment of a bill for $36,200 for services performed in helping the company to incorporate. June 12 Issued 64,300 shares of $7 par value common stock for cash of $528,100. July 11 Issued 2,500 sheres of $100 par velue preferred stock for cash at $140 per share. Nov. 28 Purchased 1,850 shares of treasury stock for $80,000. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not in manually.)

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 12.3EX: Entries for issuing par stock On January 22, Jefferson County Rocks Inc., a marble contractor,...

See similar textbooks

Similar questions

Entries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: Common Stock, 20 stated value (500,000 shares authorized, 375,000 shares issued) 7,500,000 Paid-In Capital in Excess of Stated ValueCommon Stock 825,000 Retained Earnings 33,600,000 Treasury Stock (25,000 shares, at cost 450,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of 0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for 28,000. Apr. 10. Issued 75,000 shares of common stock for 24 per share. June 6. Sold all of the treasury stock for 26 per share. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is 25 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5. Nov. 23. Purchased 30,000 shares of treasury stock for 19 per share. Dec. 28. Declared a 0.10-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, 1,125,000. 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. 3. Prepare a retained earnings statement for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y6, balance sheet.
Issuing stock Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 3,780,000 Land 840,000 Buildings 2,380,000 Preferred 1% Stock, 80 par 2,800,000 Paid-In Capital In Excess of ParPreferred Stock 420,000 Common Stock, 30 par 3,600,000 Paid-In Capital in Excess of ParCommon Stock 180,000 7,000,000 7,000,000 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the two entries to record the transactions summarized in the trial balance.
Entries for stock dividends Alpine Energy Corporation has 1,500,000 shares of 40 par common stock outstanding. On August 2, Alpine Energy declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was 70 per share on August 2. Journalize the entries required on August 2, September 15, and October 8.
Entries for issuing par stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 180,000 shares of 20 par common stock at 23, and on February 27, it issued for cash 25,000 shares of preferred stock, 7 par at 9. A. Journalize the entries for January 22 and February 27. B. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
Issuing stock Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 3,780,000 Land 840,000 Buildings 2,380,000 Preferred 1% Stock, 80 par 2,800,000 Paid-In Capital In Excess of ParPreferred Stock 420,000 Common Stock, 30 par 3,600,000 Paid-In Capital in Excess of ParCommon Stock 180,000 7,000,000 7,000,000 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the two entries to record the transactions summarized in the trial balance.