Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $55 par and 400,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1.  Issued 130,000 shares of common stock at par for cash. July. 1               July. 1  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1               Aug. 7.  Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7                                       Sept. 20.  Issued 20,000 shares of preferred stock at $66 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 3% preferred stock, $40 par and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1.  Issued 90,000 shares of common stock at par for cash. July. 1  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7.  Issued 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $30,000, $164,000, and $37,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20.  Issued 30,000 shares of preferred stock at $49 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank.

Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Mar. 1 Issued 40,000 shares of stock at $9.75 per share Apr. 10 Issued 1,000 shares of stock for legal services valued at $10,000 Oct. 3 Purchased 1,000 shares of treasury stock at $9 per share Journalize the 3 transactions and calculate how many shares of stock are outstanding on August 3. Required: 3 journal entries and the number of outstanding shares of stock

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…

North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 35,000 shares of the common stock for $20 per share. Issued 10,000 shares of the preferred stock at $21 per share. Issued 2,500 shares of the common stock at $25 per share and 1,000 shares of the preferred stock at $21. Net income for the first year was $43,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31.

Splish Brothers Inc. had the following transactions during the current period. Mar. 2   Issued 4,700 shares of $5 par value common stock to attorneys in payment of a bill for $27,800 for services performed in helping the company to incorporate. June 12   Issued 56,700 shares of $5 par value common stock for cash of $355,300. July   11   Issued 2,900 shares of $100 par value preferred stock for cash at $120 per share. Nov. 28   Purchased 2,260 shares of treasury stock for $77,500. Journalize the transactions. (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.)

Question: Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,400 and the following selected transactions occurred in the order given: a. Issued 62,000 shares of the common stock at $13 cash per share. b. Reacquired 2,200 shares at $16 cash per share from stockholders; the shares are now held in treasury. C. Reissued 1,100 of the shares in transaction (b) two months later at $19 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. a. Assets Liabilities Stockholders' Equity b. C. 2. Prepare journal entries to record each transaction. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year)

Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000 shares of preferred stock, $50 par, and 900,000 shares of common stock $11 par. The following selected transactions were completed during the first year of operations: July 1: Issued 260,000 shares of common stock at PAR for cash. July 1: Issued 25,000 shares of preferred stock for $75 cash. Instructions: Journalize the July Stock Issuances. 22 Wh Date Account Title Debit Credit you will not need all the lines in journal table

Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock.  Indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account and the dollar amount in the amount columns assuming that Sunshine Corp on Jan . 15  received cash for the issuance of 2,000 shares of preferred stock at par value.                                                     JOURNAL   Date Description P.Ref DEBIT CREDIT Jan. 15 (1)   (?)         (2)     (?)       (2)     (?) Group of answer choices Preferred Stock credit $200,000 Preferred Stock credit for $10,000  Cash credit for $200,000 Cash credit for $10,000

Issuing stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash.   1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,100, $505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required:   Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles CHART OF ACCOUNTS Ergonomics Supply Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes…