On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $17, and on May 15, it issued for cash 2,000 shares of $17 par preferred stock at $61. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.

Q: On April 1, 10,000 shares of $5 par common stock were issued at $24, and on April 7, 4,000 shares of…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On October 10, the board of directors of Pinto Corporation declared a 10% stock dividend. On October…

A: Journal entry shows recording of each and every business transaction. Every transaction have dual…

Q: Vincent Corporation has 91,000 shares of $105 par common stock outstanding. On June 30, Vincent…

A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…

Q: Alpine Energy Corporation has 1,500,000 shares of $10 par common stock outstanding. On August 2,…

A: Required journal entry:

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 October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 110,000 shares of $8 par…

A: Total amount invested (total paid in capital) = Total common stock capital + Total preferred stock…

Q: Zurich Corporation has 18,000 shares of $80 par common stock outstanding. On August 2, Zurich…

A: Common Stock- Common Stock refers to the securities that represent individuals' ownership and have a…

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 October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

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

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Dividend refers to the return a shareholder gets on his investment made in stocks. It can be cash…

Q: On April 1, 9,000 shares of $7 par common stock were issued at $23, and on April 7, 4,000 shares of…

A: Date Account Titles and Explanation  Debit   Credit  Apr'1 Cash (9,000 shares X $ 23 per share)  $…

Q: On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2)…

A: Given that: Common stock shares issued = 2000 shares Preferred Stock shares = 3000 shares

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 100,000 shares of $8 par…

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

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Solution:- Journal entries in the books of Red Market Corporation

Q: Can you help me to record journal entries for both of these events? On July 6, Nikosha's…

A: The answer is as fallows

Q: Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20.…

A: Lets understand the basics. Stated value or par value is a value which is assign to corporation's…

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: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: Date Account Titles and Explanations  Debit   Credit  May'1 Cash  (10,000 shares X $ 30 per share)…

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Issue of stock means to sell the shares of the entity in the market. The selling of shares could be…

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: Ivanhoe Corporation issued 341 shares of $10 par value common stock and 145 shares of $50 par value…

A: Journal entry to record the issuance:: Cash account Dr::$19188...      To Common stock…

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: Journal Entries are used to record the transactions of the business in chronological order. When…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: Formulas: Cash = Number of shares * issue price --------------------- Common stock = Number of…

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: Sheridan Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value…

A: Given information is: Common stock shares = 335 shares  Preferred Stock shares = 103 shares

Q: On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of…

A: Solution:- preparation of journal entries as follows under:-

Q: On April 1, 8,000 shares of $7 par common stock were issued at $25, and on April 7, 2,000 shares of…

A: If the shares (common or preferred) are issued for more than a par value of a share, the excess…

Q: On April 1, 9,000 shares of $8 par common stock were issued at $22, and on April 7, 2,000 shares of…

A: Company means a form of business where the share holder invest money in business in form of shares…

Q: Bramble Corporation issued 2,000 shares of stock.Prepare the entry for the issuance under the…

A: No. Account Titles and explanation Debit Credit a. Cash $52,500     Common…

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

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On April 1, 10,000 shares of $8 par common stock were issued at $25, and on April 7, 3,000 shares of…

A: Stock whether Common or preferred when issued above the nominal value is known as to be issued at a…

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: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Shares issued at a cost above its stated or par value is called premium on shares. It is the…

Q: On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per…

A: Given: No. of shares issued = 4000 Stated value per share = $1 Issue price per share $6 Amount of…

Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: The Numerical has covered the concept of Stock Transaction. Here, Common Stock:- Common Stocks are…

Q: On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock…

A: Value of treasury stock purchaes = 1800 * $11 = $19,800 Cash amount received from sale of 1450…

Q: Nelson Corporation issued 9,000 shares of ​$3 stated value common stock for ​$11 per share on July…

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

Q: sued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash…

A: Date                        General Journal Debit  Credit Oct 31 Cash (320000*12) 3840000…

Q: On April 1, 10,000 shares of $6 par common stocK Were issued at $24, and on April 7, 6,000 shares of…

A: Date Accounts titles and Explanation Debit ($) Credit ($) Apr-01 Cash(10000*24)            240,000…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: a.

Q: On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common stock at $12 per share. On…

A: The question s based on the concept of Financial Accounting.

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: lefrerson contractor, sued for 73,000 shares of $45 par common stCk at $54, and on February 2 issued…

A: Journal is the accounting format in which monetary transactions are firstly recorded in the…

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: The question is based on the concept of Financial Accounting.

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

A: Common Stocks refers to shares entitling their holder to dividends that vary in amount.It is also…

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…

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.