Current Attempt in ProgressOn May 1, Oriole Corporation incorporated and authorized 193,000 preferred shares and an unlimited number of common shares. OnMay 2, Oriole issued 2,800 common shares for $16 per share. On June 15, it issued an additional 1,100 common shares for $17 pershare. On November 1, Oriole issued 160 preferred shares for $29 per share. On December 15, it issued an additional 160 preferredshares for $33 per share.(a)Record the share transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem.Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter O for the amounts.)

Journal entry is the first stage of the accounting process.Journal entry is used to record business…

On May 1, Oriole Corporation incorporated and authorized 193,000 preferred shares and an unlimited number of common share May 2, Oriole issued 2,800 common shares for $16 per share. On June 15, it issued an additional 1,100 common shares for $17 p share. On November 1, Oriole issued 160 preferred shares for $29 per share. On December 15, it issued an additional 160 prefer shares for $33 per share. (a) Record the share transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem.

On May 1, Oriole Corporation incorporated and authorized 193,000 preferred shares and an unlimited number of common share May 2, Oriole issued 2,800 common shares for $16 per share. On June 15, it issued an additional 1,100 common shares for $17 p share. On November 1, Oriole issued 160 preferred shares for $29 per share. On December 15, it issued an additional 160 prefer shares for $33 per share. (a) Record the share transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 5PB: Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue...

See similar textbooks

Similar questions

MacKenzie 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.
Prepare 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.
St. 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.
Fortuna Company is authorized to issue 1,000,000 shares of $1 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.
Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at $20.50 per share. Journalize the transaction.
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 10,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 __________ __________ __________ __________ __________ __________ Jun. 10 __________ __________ __________ __________ __________ __________ Aug. 3 __________ __________ __________ __________ B. Calculate how many shares of stock are outstanding at August 3. __________ shares
On May 1, Foress Corporation incorporated and authorized 211,000 preferred shares and an unlimited number of common shares. On May 2, Foress issued 1,900 common shares for $15 per share. On June 15, it issued an additional 1,100 common shares for $18 per share. On November 1, Foress issued 230 preferred shares for $30 per share. On December 15, it issued an additional 230 preferred shares for $37 per share. (a) Record the share transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 130,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 8,000 shares of treasury stock at $9 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank 5b050cfc1fe8fc9_2 fill in the blank 5b050cfc1fe8fc9_3 fill in the blank 5b050cfc1fe8fc9_5 fill in the blank 5b050cfc1fe8fc9_6 fill in the blank 5b050cfc1fe8fc9_8 fill in the blank 5b050cfc1fe8fc9_9 Jun. 10 fill in the blank 5b050cfc1fe8fc9_11 fill in the blank 5b050cfc1fe8fc9_12 fill in the blank 5b050cfc1fe8fc9_14 fill in the blank 5b050cfc1fe8fc9_15 fill in the blank 5b050cfc1fe8fc9_17 fill in the blank 5b050cfc1fe8fc9_18 Aug. 3 fill in the…
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 40,000 shares at $10 share Jun. 10 Issued 100,000 shares in exchange for land with a clearly determined value of $850,000 Aug. 3 Purchased 10,000 shares of treasury stock at $9 per share Journalize the transactions and calculate how many shares of stock are outstanding at August 3. Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend? Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year:
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 40,000 shares at $10 share Jun. 10 Issued 100,000 shares in exchange for land with a clearly determined value of $850,000 Aug. 3 Purchased 10,000 shares of treasury stock at $9 per share Journalize the transactions B. Calculate how many shares of stock are outstanding at August 3.