Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock (with a stated value $5) at $6. On July 6, Washburn Realty Inc. issued at par value 45,000 shares preferred 1% stock, $10 par for cash. On September 15, Washbum Realty Inc. issued for cash an additional 16,000 shares of no-par common stock (with a stated value of $5) for $22. Required: Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Working Notes: 1. Treasury stock A/c  = shares purchase * per share rate  = (5000 shares *$25) =…

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: On October 10, the stockholders’ equity of Sherman Systems appears as follows.        Common…

A: The purchase of treasury stock involves a debit to the Treasury Stock account and a credit to the…

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 February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par…

A: If the shares are issued at more than a par value of a share, the excess amount goes to Paid-in…

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: Q. question 4

A: Prepare entry for reselling the shares.

Q: On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common…

A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…

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

A: Solution The journal entries of January 22 , February 14 and August 30 transactions are shown below

Q: Black Diamond Inc. issues 2,500 shares of $1 par valuecommon stock and 1,000 shares of $50 par value…

A: a. Prepare journal entries for issuance of common shares and preferred shares when market value of…

Q: On May 10, a company issued for cash 1,000 shares of no-par common stock (with a stated value of $5)…

A: Amount credited to common stock = 1,000*$5 Amount credited to common stock = $5,000   Amount…

Q: On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3,…

A: Treasury stock: A treasury stock means stock which is bought back by the issuing company from the…

Q: ntries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at…

A: Treasury stock is the corporation's issued stock that has been bought back from the stockholders. As…

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: Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique…

A: Stock Dividends: It refers to the payment of dividends by a company to its existing shareholders, in…

Q: Journalize the entries to record the January 22, February 14, and August 30 transactions. If an…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: 2 On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding.…

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

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: 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: On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

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

A:

Q: On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated…

A: It is assumed that the requirement for this question is the preparation of the journal entries.

Q: On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par…

A: The question asks for accounting for stockholders' equity in the company's books.  The journal…

Q: 3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per…

A: Journal Entry: It is the duty of the accountant to record business economic and non-economic…

Q: Prepare journal entries for the following transactions reported by Jet Corporation for the month of…

A: The equity includes the total capital that belongs to the shareholders of the business.

Q: Hi-C Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December…

A: The Company has $1,000,000 shares of 10%, $ 20 Par Value Preferred Stock outstanding. On December…

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

A: WORKING NOTE FOR AMOUNTS : $ FEB 13  CASH - 75,000 X 140 = 10,500,000 COMMON STOCK - 75,000 X 125 =…

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: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

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 20,000 shares of no-par common stock at $30. On…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: Ivanhoe Company had these transactions during the current period. June 12   Issued 82,500 shares…

A: Amount credited to common stock = $82,500*$1 Amount credited to common stock = $82,500   Paid in…

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: On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common…

A: Shareholder's Equity - This statement includes Common Stock, Paid in Capital in Excess of Par,…

Q: On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-par common stock (with a stated…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Mt. Everest Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: 10% $20 Par Value Preferred Stock = $10,00,000 i.e.. 50,000 shares of $20 par each   Stock dividend…

Q: , Hydro Clothing Inc. reacquired 65,000 shares of its common stock at $6 per share. On August 3,…

A: Solution: Date Account Title and Explanation Debit Credit 27-May Treasury Stock (65000*$6)…

Q: Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

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…

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…

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.