Ime the transactions, assuming that the common stock is no-par with a statedvalue of $1 per share.E11-2 Sagan Co. had these transactions during the current period.June 12Issued 3,000 shares of $100 par value preferred stock for cash at $106 pershare.Issued 80,000 shares of $1 par value common stock for cash of $300,000.July 11Nov. 28Purchased 2,000 shares of treasury stock for $9,000.

A journal entry is a record of all the non-economic & economic transactions of an organization…

Answered: Ime the transactions, assuming that the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

4. What journal entries would be made by the investor who bought 10,000 shares of Milan common stock and held this investment throughout the time covered in requirements 1, 2, and 3? 5. Refer to requirement 4. Suppose the investor sold 1,500 shares for $60 each the day after receiving the stock dividend. Prepare the investor's journal entry for the sale of the shares.
Current Attempt in Progress On January 1, Ivanhoe Corporation had 91,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 21,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. 1 (a) 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 2,500 additional shares of common stock for $18 per share. Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (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. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
On April 2 a corporation purchased for cash 5,000 shares of its own $13 par common stock at $26 per share. It sold 3,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 fill in the blank a5807602402bfa1_2 fill in the blank a5807602402bfa1_4 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 fill in the blank 2f1ded0c8043f90_2 fill in the blank 2f1ded0c8043f90_3 fill in the blank 2f1ded0c8043f90_5 fill in the blank 2f1ded0c8043f90_6 fill in the blank 2f1ded0c8043f90_8 fill in the blank 2f1ded0c8043f90_9 Nov. 10 fill in the blank 2f1ded0c8043f90_11 fill in the blank 2f1ded0c8043f90_12 fill in the blank 2f1ded0c8043f90_14 fill in the blank 2f1ded0c8043f90_15 fill in the blank…
Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $32 per share. What is the correct entry to record the stock issuance? O a. Debit to Cash, $32,000; Credit to Preferred Stock, $32,000 O b. Debit to Cash, $32,000; Credit to Additional Paid-in Capital, $32,000 O C. Debit to Cash, $32,000; Credit to Common Stock, $31,990; Credit to Additional Paid-in Capital, $10 O d. Debit to Cash, $32,000; Credit to Preferred Stock, $10; Credit to Additional Paid-In Capital-Common Stock, $31.990
Prepare the journal entry to record Randy Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $7 cash per share. b. S8 cash per share.
On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 3,000 shares were sold on November 10 for $23 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 - Select - - Select - - Select - - Select - b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select -
Prepare the journal entry to record Autumn Company's issuance of 71,000 shares of no-par value common stock assuming the shares: a. Sell for $34 cash per share. b. Are exchanged for land valued at $2,414,000. View transaction list Journal entry worksheet 1 Record the issuance of 71,000 shares of no-par value common stock assuming the shares sell for $34 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
● On January 1, Vermont Corporation had 46,700 shares of $10 par value common stock issued and outstanding. All 46,700 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 990 shares of treasury stock for $28 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a O debit to Treasury Stock for $27,720. O credit to a gain account for $5,940. O credit to Treasury Stock for $27,720. O debit to a loss account for $5,940.
E11-1
Share Issuances for Cash Finlay, Inc., issued 8,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash. E10-2A. LO2, 4 MBC a. Determine the financial statement effect of the share issuances. b. Determine the financial statement effect of the issuance of the common stock assuming that it had a stated value of $5 per share. Determine the financial statement effect of the issuance of the common stock assuming that it had a par value of $1 per share. C.
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. Journalize this transaction as two separate entries. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. 8 Purchased 8,000 shares of treasury common stock…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS