E12.6 (LO 2) Sorocaba Co. had the following transactions during the current period. Mar. 2 Issued 5,000 R$1 par value ordinary shares to attorneys in payment of a bill for R$44,000 for services performed in helping the company to incorporate. June 12 Issued 60,000 R$1 par value ordinary shares for cash of R$468,000. July 11 Issued 1,000 R$100 value preference shares for cash at R$110 per share. Nov. 28 Purchased 2,000 treasury shares for R$18,000. par Instructions Journalize the transactions. Journalize non-cash ordinary share transactions.

E12.6 (LO 2) Sorocaba Co. had the following transactions during the current period. Mar. 2 Issued 5,000 R$1 par value ordinary shares to attorneys in payment of a bill for R$44,000 for services performed in helping the company to incorporate. June 12 Issued 60,000 R$1 par value ordinary shares for cash of R$468,000. July 11 Issued 1,000 R$100 value preference shares for cash at R$110 per share. Nov. 28 Purchased 2,000 treasury shares for R$18,000. par Instructions Journalize the transactions. Journalize non-cash ordinary share transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E11.8 (LO 2), AP Quay Co. had the following transactions during the current period. Instructions Journalize the transactions. Mar. 2 June 12 July 11 Nov. 28 Date 3/2/22 6/12/22 7/11/22 1/10/22 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate. Issued 60,000 shares of $5 par value common stock for cash of $375,000. Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Purchased 2,000 shares of treasury stock for $80,000. Account Debit Credit
E14.1 (LO 1) Excel (Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at $8 per share. Sept. 1 Issued 60,000 shares for cash at $10 per share. Instructions a. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. b. Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.
Mainland Resources Inc. began operations on June 5, 2023. 2823 June 5 Gave 4,808 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,900. 15 Received $23 cash per share for the issuance of 79,988 common shares. 16 issued 10,eee preferred shares for cash of 343 per share. 17 8,889 common shares were issued to a creditor who was owed $134,000. 18 The board of directors declared a cash dividend of $19,508 on the preferred shares and $5,480 on the common shares to shareholders of record on June 28, payable July 1. 38 154,000 common shares were issued in exchange for machinery with a fair market value of $2,818,eee. The shares were actively trading on this date at $17.88 per share.. July 1 the dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list Journal entry…
Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Issued 5,200 common shares to its legal counsel in payment of a bill for $31,200 for services performed in helping the company incorporate. Issued 62,400 common shares for $390,000 cash. Issued 1,040, $3 noncumulative preferred shares at $110 per share cash. Issued 2,080, $3 noncumulative preferred shares at $95 per share cash. 4 Journalize the transactions. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
E11.3 (LO 2), AP During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. Issued 30,000 shares for cash at $5 per share. Issued 60,000 shares for cash at $7 per share. Jan. 10 July 1 Instructions a. Journalize the transactions, assuming that the common stock has a par value of $5 per share. b. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. Journalize issuance of common stock.
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On January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book value of those shares was $600,000. Furthermore, they had 10,000 $3, cumulative, preferred shares issued and outstanding which had a book value of $200,000. Account Debit Credit The following transactions took place in 20xl: Feb 28 - Issued 20,000 common shares for $500,000 Jun 1 - Repurchased and cancelled 20,000 shares at $20.00 each. Jun 30 - A 2:1 stock split was announced Dec 15 - Declared a dividend of $2.00/share to shareholders of record on Dec 31. Required - Prepare all journal entries to record the above transactions. Round to two decimal points on any calculations.
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