Velor Inc. was authorized to issue 400,000 $2.00 preferred shares and 650,000 common shares. During April 2014, their first month of operations, the following selected transactions occurred: a. April 7: Issued 7,000 preferred shares at $2.00 per share for cash. b. April 9:9,000 of the common shares were issued for a total of $72,000 cash. c. April 9 : Issued 13,000 common shares at $5.50 per share for cash. d. April 10:5,000 preferred shares and 9,000 common shares were issued at $9.00 and $3.00, respectively; cash. e. April 22 :9,000 of the preferred shares were issued for a total of $63,000 cash. f. April 24 :5,000 common shares were issued in exchange for land valued at $5,000. g. April 25: Gave the corporation's promoters 6,000 common shares for their services in organizing the corporation. The directors valued the services at $48,000. Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15

Velor Inc. was authorized to issue 400,000 $2.00 preferred shares and 650,000 common shares. During April 2014, their first month of operations, the following selected transactions occurred: a. April 7: Issued 7,000 preferred shares at $2.00 per share for cash. b. April 9:9,000 of the common shares were issued for a total of $72,000 cash. c. April 9 : Issued 13,000 common shares at $5.50 per share for cash. d. April 10:5,000 preferred shares and 9,000 common shares were issued at $9.00 and $3.00, respectively; cash. e. April 22 :9,000 of the preferred shares were issued for a total of $63,000 cash. f. April 24 :5,000 common shares were issued in exchange for land valued at $5,000. g. April 25: Gave the corporation's promoters 6,000 common shares for their services in organizing the corporation. The directors valued the services at $48,000. Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter12: Statement Of Stockholders’ Equity (stockeq)

Section: Chapter Questions

Problem 1R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...

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Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
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