FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $10 per share.
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- On May 10, Skysong, Inc. issues 2,200 shares of $15 par value common stock for cash at $20 per share. Journalize the issuance of the stockarrow_forwardBlue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).arrow_forwardNebraska Inc. issues 3,050 shares of common stock for $97,600. The stock has a stated value of $11 per share. The journal entry for the stock issuance would include a credit to Common Stock forarrow_forward
- A corporation issues 3,100 shares of common stock for $99,200. The stock has a stated value of $15 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include? Select the correct answer. $46,500 $3,100 $99,200 $52,700arrow_forwardPlease help mearrow_forwardFlint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,500 shares of treasury stock for cash at $75 per share. Journalize the treasury stock 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 amount is entered. Do not indent manually.) Date Account Titles and Explanation eTextbook and Media Debit Creditarrow_forward
- On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock 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 amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Creditarrow_forwardPrepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.arrow_forwardOn May 10, the Martin Corporation issued 2,000 shares of $3.00 par value Common Stock for cash at $15.00 per share. Which of the following statements is true regarding this transaction? A) Cash is debited in the amount of $30,000 and Common Stock is credited for $30,000 B) Cash is debited in the amount of $6,000 and Common Stock is credited for $6,000 C) Cash is debited in the amount of $30,000 and Common Stock is credited for $6,000 D) Cash is debited in the amount of $36,000 and Common Stock is credited for $6,000 and Paid-in Capital in excess of par is credited for $30,000arrow_forward
- Prepare the journal entry to record Zende Company's issuance of 84,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet 1 Record the issuance of 84,000 shares of $8 par value common stock assuming the shares sell for $8 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal Saved >arrow_forwardLarkspur, Inc. issues 7,600 shares of $108 par value preferred stock for cash at $116 per share. What are the journal entries for the issuance of the preferred stock?arrow_forwardNebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000arrow_forward
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