On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 26,000 shares of $20 par common stock valued at $29. Journalize the entry to record the transaction. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 5
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- Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.Journal Entries Atkins Advertising Agency began business on January 2. The transactions entered into by Atkins during its first month of operations are as follows: Acquired its articles of incorporation from the state and issued 100,000 shares of capital stock in exchange for $200,000 in cash. Purchased an office building for $150,000 in cash. The building is valued at $110,000, and the remainder of the value is assigned to the land. Signed a three-year promissory note at the bank for $125,000. Purchased office equipment at a cost of $50,000, paying $10,000 down and agreeing to pay the remainder in ten days. Paid wages and salaries of $13,000 for the first half of the month. Office employees are paid twice a month. Paid the balance due on the office equipment. Sold $24,000 of advertising during the first month. Customers have until the 15th of the following month to pay their bills. Paid wages and salaries of $15,000 for the second half of the month. Recorded $3,500 in commissions earned by the salespeople during the month. They will be paid on the fifth of the following month. Required Prepare in journal form the entry to record each transaction.Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.
- Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31: Instructions 1. Journalize the entries to record the preceding transactions. 2. Prepare the investment-related asset and stockholders equity balance sheet presentation for Glacier Products Inc. on December 31, Year 2, assuming that the Retained Earnings balance on December 31, Year 2, is 700,000.Analyzing Transactions. Using the analytical framework, indicate the effect of the following related transactions of a firm. a. January 1: Issued 10,000 shares of common stock for 50,000. b. January 1: Acquired a building costing 35,000, paying 5,000 in cash and borrowing the remainder from a bank. c. During the year: Acquired inventory costing 40,000 on account from various suppliers. d. During the year: Sold inventory costing 30,000 for 65,000 on account. e. During the year: Paid employees 15,000 as compensation for services rendered during the year. f. During the year: Collected 45,000 from customers related to sales on account. g. During the year: Paid merchandise suppliers 28,000 related to purchases on account. h. December 31: Recognized depreciation on the building of 7,000 for financial reporting. Depreciation expense for income tax purposes was 10,000. i. December 31: Recognized compensation for services rendered during the last week in December but not paid by year-end of 4,000. j. December 31: Recognized and paid interest on the bank loan in Part b of 2,400 for the year. k. Recognized income taxes on the net effect of the preceding transactions at an income tax rate of 40%. Assume that the firm pays cash immediately for any taxes currently due to the government.Transaction Analysis and Journal Entries Recorded Directly in T Accounts Four brothers organized Beverly Entertainment Enterprises on October 1. The following transactions occurred during the first month of operations: October 1: Received contributions of $10,000 from each of the four principal owners of the new business in exchange for shares of stock. October 2: Purchased the Ace Theater for $125,000. The seller agreed to accept a down payment of $12,500 and a seven-year promissory note for the balance. The Ace property consists of land valued at $35,000, and a building valued at $90,000. October 3: Purchased new seats for the theater at a cost of $5,000, paying $2,500 down and agreeing to pay the remainder in 60 days. October 12: Purchased candy, popcorn, cups, and napkins for $3,700 on an open account. The company has 30 days to pay for the concession supplies. October 13: Sold tickets for the opening-night movie for cash of $1,800 and took in $2,400 at the concession stand. October 17: Rented out the theater to a local community group for $1,500. The community group is to pay one-half of the bill within five working days and has 30 days to pay the remainder. October 23: Received 50% of the amount billed to the community group. October 24: Sold movie tickets for cash of $2,000 and took in $2,800 at the concession stand. October 26: The four brothers, acting on behalf of Beverly Entertainment, paid a dividend of $750 on the shares of stock owned by each of them, or $3,000 in total. October 27: Paid $500 for utilities. October 30: Paid wages and salaries of $2,400 total to the ushers, projectionist, concession stand workers, and maintenance crew. October 31: Sold movie tickets for cash of $1,800 and took in $2,500 at the concession stand. Required Prepare a table to summarize the preceding transactions as they affect the accounting equation. Use the format in Exhibit 3-1. Identify each transaction with a date. Record each transaction directly in T accounts using the dates preceding the transactions to identify them in the accounts. Each account involved in the problem needs a separate T account.
- On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entry to record the transaction. Refer to the Chart of Accounts for exact wording of account titles.On October 17, Nickle Company purchased a building and a plot of land for $653,700. The building was valued at $346,500 while the land carried a value of $307,200. Nickle paid $72,000 down in cash and signed a note payable for the balance. Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Oct. 17 1. 2. 3. 4.Cullumber Corporation had the following transactions. 1. Sold land (cost $12,200) for $15,300. 2. Issued common shares for $20,400. 3. Recorded depreciation on buildings for $17,300. 4. Paid salaries of $9,200. 5. Issued 1,000 common shares in exchange for equipment with market value of $8,200. 6. Sold equipment (cost $10,200, accumulated depreciation $7,100) for $1,200. (a)For each of the above transaction, prepare the journal entry. (Credit account titles are automatically indented when the 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.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit…
- The McMillan Corporation incorporated on September 2, 2011. The company engaged in thefollowing transactions during its first month of operations:Sept. 2 Issued capital stock in exchange for $900,000 cash.Sept. 4 Purchased land and a building for $350,000. The value of the land was $50,000, andthe value of the building was $300,000. The company paid $200,000 cash and issued anote payable for the balance.Sept. 12 Purchased office supplies for $600 on account. The supplies will last for severalmonths.Sept. 19 Billed clients $75,000 on account.Sept. 29 Recorded and paid salary expense of $24,000.Sept. 30 Received $30,000 from clients billed on September 19.A partial list of the account titles used by the company includes:Cash Notes PayableAccounts Receivable Accounts PayableOffi ce Supplies Capital StockLand Client RevenueBuilding Salary Expensea. Prepare journal entries, including explanations, for the above transactions.b. Post each entry to the appropriate ledger accounts (use the T…Extracts from the trial balance of Ludwig,a limited liability company, for the year ended 30 April 20X6 are shown below: $000 $000 Trade payables 11,200 Plant and machinery 14,000 Plant and machinery accumulated depreciation 1 May 20X5 5,600 Capital 1,000 Allowance for receivables 1 May 20X5 2,300 Trade receivables 34,200 Opening inventory…Cushenberry Corporation had the following transactions. 1. Sold land (cost $8,400) for $10,500. 2. Issued common stock at par for $23,700. 3. Recorded depreciation on buildings for $16,900. 4. Paid salaries of $6,400. 5. Issued 1,300 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $11,800, accumulated depreciation $8,260) for $1,416. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6.