On January 22, Shamrock Corporation issued for cash 13,000 shares of no-par common stock at $40. On February 14, Shamrock issued at par value 3,000 shares of preferred 3% stock, $50 par for cash. On August 30, Shamrock issued for cash 17,000 shares of preferred 3% stock, $50 par at $55. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank.

Q: On January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

A: Total amount received from issue of preferred stock = 7,000 shares x $94 per share = $658,000 Par…

Q: Entries for Issuing Stock On January 22, Erin Corporation issued for cash 13,000 shares of no-par…

A: Journal entry: It is the set of economic events that can be measured in monetary terms. These are…

Q: Stock issued and outstanding for Cowboy Ice Cream (CIC) at January 1, Year 2 is listed below:…

A: The dividend is declared and paid from the net income of the current year and retained earnings of…

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: Entries for Issuing Stock On January 22, Erin Corporation issued for cash 21,000 shares of no-par…

A: Definition:

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: Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68…

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

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: Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68 per share and 12,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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, Muir Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Cash received on January 22 = No. of common shares issued x issue price per share = 12,000 x $45 per…

Q: Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of…

A: Given that: Par value of common stock = $60 Par value of preference stock = $20

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: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Record following stock transactions of Smith Corporation, which represent all its treasury stock…

A: Journal entry: It is the primary stage of recording any transactions incurred in the business. It…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A:

Q: Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Entries for Issuing Stock On January 22, Muir Corporation issued for cash 30,000 shares of no-par…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Entries to issue stock                                   Devers Company had the following…

A: Introduction: A journal entry is used to describe a transaction that is recorded in the company's…

Q: Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 13,000 shares of…

A:

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: 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: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…

Q: McVie Corporation’s stock has a par value of $2. The company has the following transactions during…

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: n January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

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

Q: Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued…

A: To prepare journal entries first we need to understand the Golden Rules of Accounting and the types…

Q: Entries for Treasury Stock On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common…

A:

Q: Ise Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock…

A: When a company reacquires/purchases its owns share, it called treasury shares. Assumption :cost…

Q: Top-Value Corporation has 900,000 shares of $26 par common stock outstanding. On September 2,…

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

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: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February…

A: Working note : 9 august transaction Fair market value of all assets 480000 and par value of share…

Q: Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 78,000 shares of its common stock at…

A: Date Account Titles and Explanation Debit Credit May 27 Treasury Stock $702,000…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: The shareholders equity comprises of issued capital, retained earnings, etc. The total paid 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 12,000 shares of no-par common stock at $45. On…

A: Journal Entry is Record of a Transaction in Accounting System. A Journal Entry has Two Colum Debit…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: Date Account Debit Credit   Feb 5 Cash $ 1,125,000   =75000*15   Common stock   $ 1,125,000…

Q: Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 15,000 shares of…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

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: Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 24,000 shares of…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The…

A:

Q: Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock…

A: Journal entries are passed following the golden rules of accounting.  Debit all assets and expenses…

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…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.