If Frank Corporation sells 100,000 shares of its new $1 par value common stock to investors for $1 per share on June 1, 2011, the required journal entry would require: A debit to? A credit to?
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If Frank Corporation sells 100,000 shares of its new $1 par value common stock to investors for $1 per share on June 1, 2011, the required
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- You are buying 1000 shares of Facebook on January 1, 2021. You paid $320 per share plus a brokerage commission of $84. Calculations: Date Debit Credit Db Cr b) You sell 150 shares of Facebook stock on 30 May, 2021 for $315 per share, less a $55 brokerage commission. Calculations: Date Debit Credit Db Cr 2.a) Assume that on January 1, 2021, a six-month, 12% note receivable is acquired from a customer in settlement of an existing account receivable of $50000. Date Debit Credit Db Cr b) On July 1, 2021 (6 months after the date of the note), the note matures. Customer pays in cash Calculations: Date Debit Credit Db CrIn 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900. (a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automaticaly 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.) Account Titles and Explanation Debit Credit (b) Indicate the effect the transactlon has on cash. (c) Indicate how the transactlon is reported on the statement of cash flows. Sage Inc. Statement of Cash Flows (Partial)On July 1, 2020, Phoenix company offers to issue their accountant 800 common shares at their current market value of $12 per share, to equal the fair value of $9,600. The accountant accepts the offer of shares in exchange for accounting services. Record the journal entry for the issuance of shares. Select one: a. Debit Cash $9,600, Credit Common Shares $9,600 b. Debit Accounting Fees Expense $9,600, Credit Cash $9,600 c. Debit Accounting Fees Expense $9,600, Credit Common Shares $9,600 d. Debit Cash $9,600, Credit Service Revenue $9,600
- B. At December 31,2019 Facebook company had 20,000 shares of P20 par value freacury shares which were acquired at 924 per share. In may 2020, facebook issued 15,000 of these treasury shares at P20 each. The cost method is used to reord the treasury shart show in notes to FinancialLstakments as a rertriction of retained earnings as transactions. At December31,2020 what amount should Tacebook result of its treasury share trancaction? VVICTORYOn January 1, 2020, Vaughn Manufacturing issued 15,000 shares of $4 par value common stock for $180,000. On March 1, 2020, the company purchased 3,800 shares of its common stock for $17 per share for the treasury. Journalize the stock transactions of Vaughn Manufacturing in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 1 March 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Debit |||| 64600 Credit 64600On October 1, 2021, 500 shares of treasury stock were purchased at $40 per share. On January 15, 2022, those shares were resold to outsiders for $46 per share. The resulting journal entry on January 15th would include: Multiple Choice a credit to Gain on Sale of Stock for $3,000. a credit to Paid-in capital-excess of par for $3,000. a credit to Treasury Stock for $23,000. a credit to Cash for $23,000.
- Trader Investments completed the following investment transactions during 2024: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Trader's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 1,000 shares of Neutron stock, paying $53 per share. The investment represents 4% ownership in Neutron's voting stock. Trader does not have significant influence over Neutron. Trader intends to hold the investment for the indefinite future. Date Credit Accounts Jan. 14 Requirements 1. Journalize Trader's investment transactions. Explanations are not required. 2. Classify and prepare a partial balance sheet for Trader's Neutron investment as of December 31, 2024. 3. Prepare a partial income statement for Trader Investments for…Native Corp. reports the following transactions for 2020: 1 (Click the icon to view the transactions.) Required. Prepare journal entries for the transactions. Explanations are not required. Transactions January 27: Sold 22,000 common shares for $5 per share. Journal Entry Jan. 27 Sold 22,000 common shares for $5 per share. Date Accounts Debit Credit Feb. 1 Sold 8,500 shares of $1.00, noncumulative, preferred shares for $75 Jan. 27 per share. Oct. 13 Declared a 10 percent stock dividend on the common shares. The current market price of the common shares is $7 per share. There are 87,000 common shares outstanding on October 13. 2020 Nov. 16 Distributed the stock dividend declared on October 13. Dec. 11 Declared the annual dividend required on the preferred shares and a $0.45 per share dividend on the common shares. There are 12,000 preferred shares outstanding at this time. February 1: Sold 6,500 shares of $1.00, noncumulative, preferred shares for $75 per share. Journal Entry Date…On April 10, 2019, Amelia Inc. purchased 450 shares of its own common stock in the market for $22 per share. On September 28, 2019, the company sold 270 of these shares in the open market at a price of $25 per share. Required: a. Use the horizontal model to show the effects on Amelia Inc's financial statements of the purchase of the treasury stock on April 10, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Net Income Revenues Expenses b. Use the horizontal model to show the effects on Amelia Inc's financial statements of the sale of the treasury stock on September 28, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Net Income Revenues Expenses +
- On February 1, 2020, Kingbird Corporation issued 3,900 shares of its $5 par value common stock for land worth $22,100.Prepare the February 1, 2020, journal entry. (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.)Nash's Trading Post, LLC is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Sept. 5 Dec. 6 Journalize the transactions for Nash's Trading Post, LLC. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 15 Issued 700,000 shares of stock at $5 per share. Purchased 20,000 shares of common stock for the treasury at $8 per share. Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Sept. 5 V Dec. 6 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Cash Dividends Dividends Payable Debit 160000 II Credit 160000Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. 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. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit Credit
