Concord Corporation issued 2,750 shares of stock. Prepare the entry for the issuance under the following assumptions.(a) The stock had a par value of $ 4.75 per share and was issued for a total of $ 45,000. (b) The stock had a stated value of $ 4.75 per share and was issued for a total of $ 45,000. (c) The stock had no par or stated value and was issued for a total of $ 45,000. (d) The stock had a par value of $ 4.75 per share and was issued to attorneys for services during incorporation valued at $ 45,000. ( e) The stock had a par value of $ 4.75 per share and was issued for land worth $ 45,000. No. Account Titles and Explanation (a) Debit Credit (b) (c) (d) (e)

Concord Corporation issued 2,750 shares of stock. Prepare the entry for the issuance under the following assumptions.(a) The stock had a par value of $ 4.75 per share and was issued for a total of $ 45,000. (b) The stock had a stated value of $ 4.75 per share and was issued for a total of $ 45,000. (c) The stock had no par or stated value and was issued for a total of $ 45,000. (d) The stock had a par value of $ 4.75 per share and was issued to attorneys for services during incorporation valued at $ 45,000. ( e) The stock had a par value of $ 4.75 per share and was issued for land worth $ 45,000. No. Account Titles and Explanation (a) Debit Credit (b) (c) (d) (e)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

See similar textbooks

Similar questions

Sheridan Company issued 2,850 shares of common stock.Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value of $5.25 per share and was issued for a total of $51,000. (b) The stock had a stated value of $5.25 per share and was issued for a total of $51,000. (c) The stock had no par or stated value and was issued for a total of $51,000. (d) The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $51,000. (e) The stock had a par value of $5.25 per share and was issued for land worth $51,000.
Whispering Winds Corp. issued 2,800 shares of stock. Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value of $5 per share and was issued for a total of $50,400. (b) The stock had a stated value of $5 per share and was issued for a total of $50,400. (c) The stock had no par or stated value and was issued for a total of $50,400. (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $50,400. (e) The stock had a par value of $5 per share and was issued for land worth $50,400.
Blue Spruce Corporation issued 2,850 shares of stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,650.) (a) The stock had a par value of $10 per share and was issued for a total of $56,500. (b) The stock had a stated value of $10 per share and was issued for a total of $56,500. (c) The stock had no par or stated value and was issued for a total of $56,500. (d) The stock had a par value of $10 per share and was issued to attorneys for services during incorporation valued at $56,500. (e) The stock had a par value of $10 per share and was issued for land worth $56,500
On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share.Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. what is the date ? What is the title and explation? What is debit or credit ?
Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. a. The stock had a par value of $6 per share and was issued for a total of $52,000. b. The stock had a stated value of $6 per share and was issued for a total of $52,000. c. The stock had no par or stated value and was issued for a total of $52,000. d. The stock had a par value of $6 per share and was issued to attorneys for services during incorporation valued at $32,000. e. The stock had a par value of $10 per share and was issued for land worth $92,000
To expand operations, Aragon Consulting issued 1,550 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Required: 1-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. 1-b. Prepare the journal entry for the stock issuance. 2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. 2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share.
The Blue Sea Co. issued 1,000 ordinary shares. Instructions: Prepare the entry for the issuance under the following assumptions: a. The shares had a par value of $5 per share and were issued for a total of $48,000. b. The shares had a stated value of $5 per share and were issued for a total of $48,000. c. The shares had no par or stated value and were issued for a total of $48,000. d. The shares had a par value of $5 per share and were issued to attorneys for services during incorporation valued at $48,000. e. The shares had a par value of $5 per share and were issued for land worth $48,000.
Bramble Corporation issued 2,000 shares of stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,650.) (a) The stock had a par value of $5 per share and was issued for a total of $52,500. (b) The stock had a stated value of $5 per share and was issued for a total of $52,500. (c) The stock had no par or stated value and was issued for a total of $52,500. (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,500. (e) The stock had a par value of $5 per share and was issued for land worth $52,500.
Sheridan Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value preferred stock for a lump sum of $15,300. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. 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.)
Sheridan Company issued 1,150 shares of stock.Prepare the entry for the issuance under the following independent assumptions. (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.) (a) The stock had a par value of $5 per share and was issued for a total of $49,450. (b) The stock had a stated value of $5 per share and was issued for a total of $49,450. (c) The stock had no par or stated value and was issued for a total of $49,450. (d) The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $49,450. (e) The stock had a par value of $5 per share and was issued for land worth $49,450. No. Account Titles and Explanation Debit Credit (a) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a…
Sage Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value preferred stock for a lump sum of $17,424. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.Prepare the journal entry to record the issuance.
Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price of the stock was $34 per share. Which of the following journal entries would be used to record the purchase of treasury stock?