FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On June 1, Tamarisk, Inc. issues 2,900 shares of no-par common stock at a cash price of $5 per share.
Journalize the issuance of the shares. (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.)
Date
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Account Titles and Explanation
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Debit
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Credit
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---|---|---|---|
June 1
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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- The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred dur ing December:Dec 2. Issued Chedc No. 410 for $3,400 to Jay Bank to purchase U5. savings bonds for employees.2. Issued Check Na 411 to Jay Bank for $27,046 in payment of $9,273 of social security tax, $2,318 of Medicare tax, and $15,455 of employees'federal income tax due. Dec. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll.13. Journalized the entry to record payroll taxes on employees' eamings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax. $125.16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social security tax. $2316 of Medicare tax. and…arrow_forwardCardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2025 April 1 July 1 (a) Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2035, interest payable April 1 and October 1, 110 bonds of $1,000 par each McGrath Company 12% bonds, par $50,000, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2045 Account Titles and Explanation Debt Investments Prepare entries necessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available-for-sale. Sharapova has 200,000 shares outstanding. (List all debit entries before credit entries. 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 o for the…arrow_forwardJournalize adjusting enteries at July 31 on the books of Crane Company (do not indent manually)arrow_forward
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