Prepare journal entries to record the following selected transactions.January 10 Issued 121,000 shares of $2 par value common stock for $7 cash per share..January 15 Issued 11,900 shares of $2 par value common stock in exchange for equipment with a market value of $89,000.February 1 Issued 600 shares of $2 par value common stock to its promoters in exchange for their efforts, estimated tobe worth $4,900.View transaction listJournal entry worksheet<Aв сIssued 121,000 shares of $2 par value common stock for $7 cash per share.Note: Enter debits before credits.DateJanuary 10General JournalDebitCredit

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Answered: Prepare journal entries to record the…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. Required: Show the effects of each transaction on the accounting equation. Give the indicated journal entries for each of the transactions. What impact does the purchase of treasury stock have on dividends paid? What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?
The following selected transactions occurred for Corner Corporation:Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share;the stock is now held in treasury.July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share.Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the indicated journal entries for each of the transactions.3. What impact does the purchase of treasury stock have on dividends paid?4. What impact does the reissuance of treasury stock for an amount higher than the purchaseprice have on net income?
On January 2, Carlton, Incorporated, issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Note: Enter debits before credits. Date Jan. 2 Cash Common stock General Journal Debit Credit
Empresas La Sierra presents the following information: • On January 5, the company issues 25,000 common shares, with a par value of $ 25 in exchange for cash of $ 32. • On April 15, the company issues 50,000 shares, with a par value of $ 10 in exchange for cash of $ 11 Required: Post journal entries for January 5 and April 15 transactions.
Blossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (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.)
Sunland Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 3,450 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $8,450. Prepare the journal entries for the Sunland Company transactions shown above. (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.) Date Account Titles and Explanation Debit Credit choose a transaction date June 12July 11Nov. 28 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
On Sept. 1, Paddington, Incorporated, issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Note: Enter debits before credits. Date Sept. 1 General Journal Debit Credit
Prepare the journal entry to record Zende Company's issuance of 65,000 shares of $4 par value common stock assuming the shares sell for: a. $4 cash per share. b. $5 cash per share. View transaction list Journal entry worksheet Record the issuance of 65,000 shares of $4 par value common stock assuming the shares sell for $4 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Prepare journal entries to record the following investment-related transactions of a company for its first year of operations: On May 4, the company purchased 600 shares of Orbital Company Stock at $140 per share as a short-term investment in an available-for-sale security. On July 1, received a $2.50 per share cash dividend on the Orbital Company stock purchased in transaction (a). On September 15, sold 250 shares of Orbital Company stock purchased in transaction (a) for $85 per share On October 15, sold 100 shares of Orbital Company stock purchased in transaction (a) for $185 per share
Sandhill Co. had these transactions during the current period. June 12 Issued 81,000 shares of $1 par value common stock for cash of $303,750. July 11 Nov. 28 Issued 3,550 shares of $100 par value preferred stock for cash at $109 per share, Purchased 2,600 shares of treasury stock for $11,700. Prepare the journal entries for the Sandhill Co. 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. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
During its first year of operations, Wildhorse Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $7 per share. July 1 Issued 50,000 shares for cash at $10 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in enter o for the amounts.) Date Account Titles and Explanation Debit Credit

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