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Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1   Issued 47,000 shares for cash at $52 per share. July 1   Issued 62,500 shares for cash at $56 per share.     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 indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction datechoose a transaction date                                                                       Feb. 1July 1 enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date                                                                       Feb. 1July 1 enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a debit balanceenter a debit balance choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a credit balanceenter a credit balance Paid-in Capital in Excess of Par Value—Preferred Stock choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a debit balanceenter a debit balance choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a credit balanceenter a credit balance

Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1   Issued 47,000 shares for cash at $52 per share. July 1   Issued 62,500 shares for cash at $56 per share.     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 indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction datechoose a transaction date                                                                       Feb. 1July 1 enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date                                                                       Feb. 1July 1 enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a debit balanceenter a debit balance choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a credit balanceenter a credit balance Paid-in Capital in Excess of Par Value—Preferred Stock choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a debit amountenter a debit amount choose a transaction datechoose a transaction date                                                                       2/17/1 enter a credit amountenter a credit amount choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a debit balanceenter a debit balance choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal. enter a credit balanceenter a credit balance

Accounting Information Systems
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter5: Database Management System
Section: Chapter Questions
Problem 12P
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Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1   Issued 47,000 shares for cash at $52 per share.
July 1   Issued 62,500 shares for cash at $56 per share.
 
 
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 indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit
choose a transaction datechoose a transaction date                                                                       Feb. 1July 1
enter an account titleenter an account title
enter a debit amountenter a debit amount
enter a credit amountenter a credit amount
 
enter an account titleenter an account title
enter a debit amountenter a debit amount
enter a credit amountenter a credit amount
 
enter an account titleenter an account title
enter a debit amountenter a debit amount
enter a credit amountenter a credit amount
choose a transaction datechoose a transaction date                                                                       Feb. 1July 1
enter an account titleenter an account title
enter a debit amountenter a debit amount
enter a credit amountenter a credit amount
 
enter an account titleenter an account title
enter a debit amountenter a debit amount
enter a credit amountenter a credit amount
 
enter an account titleenter an account title
enter a debit amountenter a debit amount
enter a credit amountenter a credit amount

Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.)

Preferred Stock
choose a transaction datechoose a transaction date                                                                       2/17/1
enter a debit amountenter a debit amount
 choose a transaction datechoose a transaction date                                                                       2/17/1
enter a credit amountenter a credit amount
choose a transaction datechoose a transaction date                                                                       2/17/1
enter a debit amountenter a debit amount
 choose a transaction datechoose a transaction date                                                                       2/17/1
enter a credit amountenter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal.
enter a debit balanceenter a debit balance
 choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal.
enter a credit balanceenter a credit balance
Paid-in Capital in Excess of
Par Value—Preferred Stock
choose a transaction datechoose a transaction date                                                                       2/17/1
enter a debit amountenter a debit amount
 choose a transaction datechoose a transaction date                                                                       2/17/1
enter a credit amountenter a credit amount
choose a transaction datechoose a transaction date                                                                       2/17/1
enter a debit amountenter a debit amount
 choose a transaction datechoose a transaction date                                                                       2/17/1
enter a credit amountenter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal.
enter a debit balanceenter a debit balance
 choose the end date of the accounting periodchoose the end date of the accounting period                                                                       Bal.
enter a credit balanceenter a credit balance
Ch 11: Homework NWP Assessment Player UI Ap X NWP Assessment Player UI Ap X B Novak Corp. is authorized to is X assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=5d5bba23-6825-4eb6-93f5-b991584c659c#/question/4 E Ch 11: Homework Question 5 of 12 < > -/ 1 Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 47,000 shares for cash at $52 per share. July 1 Issued 62,500 shares for cash at $56 per share. 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 indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 2,444,000 Preferred Stock 2,350, 000 Paid-in Capital in Excess of Par Value-Preferred Stock 94,000 July 1 Cash 3,500,000 Preferred Stock 3,125,000 Paid-in Capital in Excess of Par Value-Preferred Stock 375,000 eTextbook and Media ...
Transcribed Image Text:Ch 11: Homework NWP Assessment Player UI Ap X NWP Assessment Player UI Ap X B Novak Corp. is authorized to is X assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=5d5bba23-6825-4eb6-93f5-b991584c659c#/question/4 E Ch 11: Homework Question 5 of 12 < > -/ 1 Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 47,000 shares for cash at $52 per share. July 1 Issued 62,500 shares for cash at $56 per share. 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 indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 2,444,000 Preferred Stock 2,350, 000 Paid-in Capital in Excess of Par Value-Preferred Stock 94,000 July 1 Cash 3,500,000 Preferred Stock 3,125,000 Paid-in Capital in Excess of Par Value-Preferred Stock 375,000 eTextbook and Media ...
Ch 11: Homework NWP Assessment Player UI Ap X NWP Assessment Player UI Ap X B Novak Corp. is authorized to is X assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=5d5bba23-6825-4eb6-93f5-b991584c659c#/question/4 E Ch 11: Homework Question 5 of 12 < > -/ 1 Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock 2/1 v 7/1 Bal. Paid-in Capital in Excess of Par Value-Preferred Stock eTextbook and Media List of Accounts Save for Later Last saved 1 hour ago. Attempts: 0 of 3 used Submit Ansvwer ... > >
Transcribed Image Text:Ch 11: Homework NWP Assessment Player UI Ap X NWP Assessment Player UI Ap X B Novak Corp. is authorized to is X assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=5d5bba23-6825-4eb6-93f5-b991584c659c#/question/4 E Ch 11: Homework Question 5 of 12 < > -/ 1 Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock 2/1 v 7/1 Bal. Paid-in Capital in Excess of Par Value-Preferred Stock eTextbook and Media List of Accounts Save for Later Last saved 1 hour ago. Attempts: 0 of 3 used Submit Ansvwer ... > >
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