January 5:     Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at $110. February 12: Issued 50,000 shares of common stock in exchange for equipment with a known cash price  of $310,000.                       The articles of incorporation authorize 5,000,000 shares with a par value of $1 per share of common and 1,000,000                                     preferred shares with a par value of $100 per share. Record the above transactions in general journal form.

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of…

A: b) Stockholders' Equity   Preferred stock (5000*$30) $ 150,000 Common stock…

Q: Montana Company was authorized to issue 80,000 shares of common stock. The company had issued 27,000…

A: Calculate the number of shares outstanding as follows: Outstanding shares = Issued shares - Treasury…

Q: 1) The following transactions took place in June for the Holista Corporation: June 1 Issued 1,000…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: On January 1, 20X1, Browning Corporation had 75,000 shares of $1 par value common stock issued and…

A: We have the following information: On January 1 20X1: Browning Corporation had 75,000 shares of $1…

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par…

A: Journal entries: Date Account title and explanation Debit Credit Aug. 22 Cash [2,000 x $105 ]…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par…

A:

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Eacha nd…

Q: On June 1 a new company issued 100,000 shares of $1 par value common stock for cash at $5 per share.…

A: The dividend is to be paid on the shares outstanding. Shares outstanding = Shares issued - Shares…

Q: (A) BBS corporation had the following transactions during the current period. March 2 - Issued 5,000…

A: Solutions: Transaction General Journal Debit Credit 02-Mar Organization expense 53000…

Q: MacKenzie Mining Corporation is authorized to 5,000,000 shares of $1 par value common stock. In its…

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

Q: On January 1, Tesla had 40,000 shares of $10 par value common stock issued and outstanding. All…

A: A treasury stock means a reacquired stock which is repurchased by the organization or company,…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Common Stock - Common Stock is the stock issued to the public for raising capital. This recorded in…

Q: Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 420,000 shares of $11 par…

A: The stockholders' equity section record the total investment and retained earnings that belong to…

Q: During its first year of operations, Collin Raye Corporation had the following transactions…

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

Q: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November…

A:

Q: On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November…

A:

Q: The entry to record the above transaction would include a a. debit to Cash for $85,000 b. credit to…

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

Q: On January 1, Sweeney Corporation had 40,000 shares of $10 par value common stock issued and…

A: We have the following information: On January 1, Sweeney Corporation had 40,000 shares of $10 par…

Q: MacKenzie Mining Corporation is authorized to 5,000,000 shares of $1 par value common stock. In its…

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

Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 420,000 shares of…

A: When shares ( common or preferred ) are issued at more than par value, it results in additional paid…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: • Whenever Common Stock shares are allotted in cash at an amount above its par value, the additional…

Q: During its first year of operations, Bonita Corporation had the following transactions pertaining to…

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

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

Q: Inside Incorporated was issued a charter on January 15 authorizing the following capital stock:…

A: Stockholders' equity refers  to the resources staying in a business once all liabilities have been…

Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…

A: Requirement a:   Pass all of the necessary journal entries to record the events.

Q: MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par…

A: Stockholder's Equity -  It is the amounts in a business after settled of all liabilities of the…

Q: On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of…

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

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: Helu Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with…

A: Formula: Premium = Issued price - PAR value.

Q: On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000.…

A: Lets understand the basics. Treasury shares are shares which are purchased back by the company after…

Q: On May 1, Foress Corporation incorporated and authorized 211,000 preferred shares and an unlimited…

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

Q: n January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3…

A: Total no. of common stock issued = 50,000 shares + 30,000 shares…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Journal is the book where transactions are originally recorded. Further, a journal entry is used to…

Q: During its first year of operations, Buffalo Corporation had the following transactions pertaining…

A: Whenever business issues common stock, then par value of the stock is credited to capital account…

Q: Sunday, May 29, 2022 BUSINESS ACCOUNTING Journalize the following transaction: Mining corporation is…

A: By issuing common stock, preferred shares, or long-term debt, the organization can fundraise for the…

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par…

A: The journal keeps the record for day to day transactions of the business. The shares issued at…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares…

A:

Q: MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred…

A: Equipment will be value at = No. of common shares issued x Market price per share = 5,000 shares x…

Q: The Vogel and Wallis Corporation is authorized to issue 15,000 shares of 10%, $50 par value…

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

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

Q: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

Q: Inside Incorporated was issued a charter on January 15 authorizing the following capital stock:…

A: Any excess cash other than the par value received from the issue of shares goes to Paid-in Capital…

Q: On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: The Vogel and Wallis Corporation is authorized to issue 15,000 shares of 10%, $50 par value…

A: 1. AMOUNT OF PREFERRED STOCK : = $5,000 X $55  = $275,000   2. AMOUNT OF COMMON STOCK : = $16,000 X…

Q: Texas Gun Stores Inc was authorized to issue 65,000 $5.50 non-cumulative preferred shares and an…

A:

Q: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par…

A: A firm may issue common stock and preferred stock for raising finance. The excess amount paid over…

Q: ortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: When shares of the company are issued at a value more than par value, then it means shares are…

Q: Worldwide Company obtained a charter from the state in January that authorized 200,000 shares…

A: