Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Prepare the issuer's journal entry for each of the following separate transactions.
On March 1, Atlantic Company issues 46,500 shares of $4 par value common stock for $309,500 cash.
On April 1, OP Company issues no-par value common stock for $78,000 cash.
On April 6, MPG issues 2,800 shares of $15 par value common stock for $47,000 of inventory, $175,000 of machinery, and acceptance of a $97,000 note payable.
Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Company issues 47,000 shares of $3 par value common stock for $311,000 cash.
b. On April 1, OP Company issues no-par value common stock for $79,000 cash.
c. On April 6, MPG issues 2,900 shares of $20 par value common stock for $48,000 of inventory, $180,000 of
machinery, and acceptance of a $98,000 note payable.
View transaction list
Journal entry worksheet
1
2
a.
3
Record the issuance of 47,000 shares of $3 par value common stock for
$311,000 cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash.
b. On April 1, OP Co. issues no-par value common stock for $70,000 cash.
c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and
acceptance of a $94,000 note payable.
View transaction list
Journal entry worksheet
1
3
Record the issuance of 42,500 shares of $4 par value common stock for
$297,500 cash.
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Chapter 11 Solutions
Connect Access Card for Financial Accounting: Information and Decisions
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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- Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 48,500 shares of $3 par value common stock for $315,500 cash. b. On April 1, OP Company issues no-par value common stock for $82,000 cash. c. On April 6, MPG issues 3,200 shares of $25 par value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. View transaction list Journal entry worksheet 1 Record the issuance of 48,500 shares of $3 par value common stock for $315,500 cash. 2 3 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardSunland Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 3,450 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $8,450. Prepare the journal entries for the Sunland Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit choose a transaction date June 12July 11Nov. 28 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…arrow_forwardPrepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,000 shares of $4 par value common stock for $317,000 cash. b. On April 1, OP Company issues no-par value common stock for $83,000 cash. c. On April 6, MPG issues 3,300 shares of $15 par value common stock for $52,000 of inventory, $140,000 of machinery, and acceptance of a $102,000 note payable. View transaction list Journal entry worksheet 1 2 3 > Record the issuance of 49,000 shares of $4 par value common stock for $317,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journalarrow_forward
- Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 48,000 shares of $5 par value common stock for $314,000 cash. b. On April 1, OP Company issues no-par value common stock for $81,000 cash. c. On April 6, MPG issues 3,100 shares of $20 par value common stock for $50,000 of inventory, $155,000 of machinery, and acceptance of a $100,000 note payable.arrow_forwardBlossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.)arrow_forwardOn January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)arrow_forward
- On July 1, Wildhorse Co. purchases 560 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 370 shares of the treasury stock for cash at $11 per share.Journalize the two treasury stock transactions. Date Account Titles and Explanation Debit Credit Choose a transaction date Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amountarrow_forwardOn July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 210 shares of the treasury stock for cash at $13 per share. Journalize the two treasury stock transactions. (List all debit entrles before credlt entrles. Record Journal entrles In the order presented in the problem. Credit account titles are automatically Indented when amount Is entered. Do not Indent manually.) Debit Credit Date Account Titles and Explanationarrow_forwardOn July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 350 shares of the treasury stock for cash at $13 per share. Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit >arrow_forward
- On May 10, Pronghorn Corporation issues 2,700 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Creditarrow_forwardCullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July 11 Issued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare the journal entries for the Cullumber Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Creditarrow_forwardOn May 27, Buzz Off Inc. reacquired 80,000 shares of its common stock at $9 per share. On August 3, Buzz Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Buzz Off sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. Date Account Debit Credit May 27 Aug. 3 Nov. 14arrow_forward
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