On June 1, Sage Hill Inc. Issues 2.500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount en Liabilities Stockholders' Equity June 1 $ Assets Cash Paid-in-Capital Common Stock Revenue Expense Retained Earnings Dividend
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- Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when 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 0 for the amounts.) Date Account Titles and Explanation Debit CreditOn November 27, the board of directors of Skysong Company declared a $0.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Skysong has 26,000 shares of $1 par common stock outstanding at November 27. Journalize the entries needed on the declaration and payment dates. (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 journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditLarkspur, Inc. has 6,700 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (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 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…
- Larkspur, Inc. has 6,700 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (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 >On November 27, the board of directors of Marin Company declared a $0.40 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Marin has 26,500 shares of $1 par common stock outstanding at November 27.Journalize the entries needed on the declaration and payment dates. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)On November 27, the board of directors of Armstrong Company declared a $.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Armstrong has 25,500 shares of $1 par common stock outstanding at November 27. Journalize the entries needed on the declaration and payment dates. (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
- During its first year of operations, Crane Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 25,100 shares for cash at $5 per share. July 1 Issued 50,500 shares for cash at $9 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 July 1 $ Assets Cash $ Liabilities $ Common Stock Paid-in-Capital PIC in Excess Co $Financial Statements from the End-of-Period Spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20V9: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,710 10,710 Accounts Receivable 25,500 25,500 Supplies 2,700 2,270 430 Land 22,190 22,190 Office Equipment 20,910 20,910 Accumulated Depreciation 2,830 1,350 4,180 Accounts Payable 6,890 6,890 Salaries Payable 330 330 Common Stock 8,600 8,600 Retained Earnings 17,410 17,410 Dividends 3,320 3,320 Fees Earned 70,770 70,770 Salary Expense 19,130 330 19,460 Supplies Expense 2,270 2,270 Depreciation Expense 1,350 1,350 Miscellaneous Expense 2,040 2,040 106,500 106,500 3,950 3,950 108,180 108,180 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting…Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,090 16,090 Accounts Receivable 38,300 38,300 Supplies 4,060 3,410 650 Office Equipment 31,020 31,020 Accumulated Depreciation 4,250 2,030 6,280 Accounts Payable 10,340 10,340 Salaries Payable 500 500 Common Stock 13,000 13,000 Retained Eamings 26,070 26,070 Dividends 4,980 4,980 Fees Earned 72,190 72,190 Salary Expense 28,340 500 28,840 Supplies Expense 3,410 3,410 Depreciation Expense 2,030 2,030 Miscellaneous Expense 3,060 3,060 125,850 125,850 5,940 5,940 128,380 128,380 Based on the preceding spreadsheet, prepare an income statement for Triton Consulting. Triton Consulting Income…
- On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares. (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 June 1On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares. (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 June 1Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (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