FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Prepare to record each of the following four separate issuances of stock 1 A corporation issued 4,000 shares of 5 par value common stock for 35,000 cash 2. A corporation issued 2,000 shares of par common stock to its promotors in exchange for their efforts, estimated to be worti $40,000 . The stock a per stated value. 3. A corporation issued 2,000 shares of par common stock to its promoters in exchange for their effortsestimated to be worth $40,000 The stock has no stated value 4. A issued shares of $50 par value preferred stock for $60,000 cash
Prepare journal entries to record each of the following four separate issuances of stock.
1. A corporation issued 6,000 shares of $20 par value common stock for $144,000 cash.
2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth
$51,500. The stock has a $2 per share stated value.
3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth
$51,500. The stock has no stated value.
4. A corporation issued 1,500 shares of $75 par value preferred stock for $164,000 cash.
View transaction list
Journal entry worksheet
B
C
Record the issue of 6,000 shares of $20 par value common stock for $144,000
cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Following are the issuances of stock transactions.
A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash.
A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has a $3 per share stated value.
A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has no stated value.
A corporation issued 500 shares of $75 par value preferred stock for $67,000 cash.
Prepare journal entries to record each of the following four separate issuances of stock.
Chapter 11 Solutions
FINANCIAL ACCT-CONNECT
Ch. 11 - Prob. 1DQCh. 11 - How are organization expenses reported?Ch. 11 - Prob. 3DQCh. 11 - What is the difference between authorized shares...Ch. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - What is the didfference between a stock dividend...Ch. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Prob. 16DQCh. 11 - Prob. 17DQCh. 11 - Prob. 18DQCh. 11 - Prob. 19DQCh. 11 - Prob. 20DQCh. 11 - Prob. 21DQCh. 11 - Prob. 22DQCh. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 16QSCh. 11 - Dividend yield A3 Foxburo Company expects to pay a...Ch. 11 - Prob. 18QSCh. 11 - Prob. 19QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - York’s outstanding stock consists of 80,000 shares...Ch. 11 - Use the data in Exercise 118 to determine the...Ch. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 1PSACh. 11 - Prob. 2PSACh. 11 - Prob. 3PSACh. 11 - Prob. 4PSACh. 11 - Prob. 5PSACh. 11 - Prob. 1PSBCh. 11 - Prob. 2PSBCh. 11 - Prob. 3PSBCh. 11 - Prob. 4PSBCh. 11 - Refer to Apples financial statements in Appendix A...Ch. 11 - Prob. 2BTNCh. 11 - Harriet Moore is an accountant for New World...
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- A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following? A. a credit to common stock B. a credit to cash C. a debit to paid-in capital in excess of preferred stock D. a debit to casharrow_forwardThe following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.arrow_forwardPrepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.arrow_forward
- Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.arrow_forwardSt. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.arrow_forwardMacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.arrow_forward
- Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $5 par value common stock for $12,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has a $5 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $72,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. 1. 2. 2. 2. 3. 3. 4. 4. Assets = = = = = Liabilities + + + + + + + + Equityarrow_forwardPrepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.arrow_forwardRodriguez Corporation issues 19,000 shares of its common stock for $125,800 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. The stock has a $4 par value. The stock has neither par nor stated value. The stock has a $2 stated value. Please complete the following: A. Record the issue of 19,000 shares of $4 par value common stock for $125,800 cash. B. Record the issue of 19,000 shares of no-par, no-stated value common stock for $125,800 cash. C. Record the issue of 19,000 shares of $2 stated value common stock for $125,800 cash.arrow_forward
- A corporation issues 3,100 shares of common stock for $99,200. The stock has a stated value of $15 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include? Select the correct answer. $46,500 $3,100 $99,200 $52,700arrow_forwardA corporation issues 5,000 shares of common stock for $62,000. The stock has a stated value of $10 per share. The entry to journalize the stock issuance would include a credit to Common Stock for a. $50,000. b. $62,000. c. $5,000. O d. $25,000.arrow_forwardplease fill the pictures in: Rodriguez Corporation Issues 8,000 shares of Its common stock for $101,600 cash on February 20. Prepare Joural entries to record this event under each of the following separate situations 1. The stock has a $10 par value. 2 The stock has nether par nor stated value. 3. The stock has a $5 stated valuearrow_forward
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