Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. Vlew transaction list Journal entry worksheet 1 2 3 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash. b. On April 1, OP Company issues no-par value common stock for $87,000 cash. c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and acceptance of a $92,000 note payable. Vlew transaction list Journal entry worksheet 1 2 3 > Record the issuance of 51,000 shares of $3 par value common stock for $323,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...

See similar textbooks

Related questions

Q: During its first year of operations, Larkspur, Inc. had the following transactions pertaining to its…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Rodriguez Corporation issues 10,000 shares of its common stock for $93,500 cash on February 20.…

A: JOURNAL ENTRY Journal Entry is the Process of Recording Financial and Non financial Transactions…

Q: Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Rodriguez Corporation issues 19,000 shares of its common stock for $125,800 cash on February 20.…

A: A par stock is a stock that has a par value that determines the minimum capital amount. A no-par…

Q: Make a t account

A: The scenario describes a situation where Pharoah Company has a trial balance showing Supplies of…

Q: Instructions Journalize the selected transactions. Selected transactions completed by Equinox…

A: Common stock represents the ownership portion of the stockholder over the business and its resources…

Q: Nexis Corp. issues 1,900 shares of $12 par value common stock at $17 per share. When the transaction…

A: Journal entries are passed following the golden rules of accounting Debit all assets and expenses…

Q: On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On…

A: Treasury stock is the reacquired shares by the company. The company has the right to reissue these…

Q: Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per…

A: If common stock or preference stock is issued at premium then the journal entry comprises of credit…

Q: On June 1, Larkspur, Inc. issues 1,100 shares of no-par common stock at a cash price of $8 per…

A: Total amount received = No. of shares issued x Issue price per share = 1,100 shares x $8 per share…

Q: Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Prepare the journal entry to record Jevonte Company’s issuance of 41,000 shares of its common stock…

A: Shares are the primary source of finance for the company. The holder of common shares in also known…

Question

Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Company issues 51,000 shares of $3 par value common stock for $323,000 cash.
b. On April 1, OP Company issues no-par value common stock for $87,000 cash.
c. On April 6, MPG issues 3,700 shares of $15 par value common stock for $56,000 of inventory, $170,000 of machinery, and
acceptance of a $92,000 note payable.
View transaction list
Journal entry worksheet
1
2
>
Record the issuance of 51,000 shares of $3 par value common stock for
$323,000 cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
Record entry
Clear entry
View general journal

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1x

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
Prepare the issuer’s journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Co. issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP Co. issues no-par value common stock for $70,000 cash. c. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable. View transaction list Journal entry worksheet 1 3 Record the issuance of 42,500 shares of $4 par value common stock for $297,500 cash. Noto: Entor dobite bofore crodite 8:40 PM 3/27/2022 ) F4 F5 F6 F8 F9 F10 F11 F12 Fn Lock Insert Prt Sc Del %24
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 48,500 shares of $3 par value common stock for $315,500 cash. b. On April 1, OP Company issues no-par value common stock for $82,000 cash. c. On April 6, MPG issues 3,200 shares of $25 par value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. View transaction list Journal entry worksheet 1 Record the issuance of 48,500 shares of $3 par value common stock for $315,500 cash. 2 3 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 47,000 shares of $3 par value common stock for $311,000 cash. b. On April 1, OP Company issues no-par value common stock for $79,000 cash. c. On April 6, MPG issues 2,900 shares of $20 par value common stock for $48,000 of inventory, $180,000 of machinery, and acceptance of a $98,000 note payable. View transaction list Journal entry worksheet 1 2 a. 3 Record the issuance of 47,000 shares of $3 par value common stock for $311,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 48,000 shares of $5 par value common stock for $314,000 cash. b. On April 1, OP Company issues no-par value common stock for $81,000 cash. c. On April 6, MPG issues 3,100 shares of $20 par value common stock for $50,000 of inventory, $155,000 of machinery, and acceptance of a $100,000 note payable.
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Company issues 49,000 shares of $4 par value common stock for $317,000 cash. b. On April 1, OP Company issues no-par value common stock for $83,000 cash. c. On April 6, MPG issues 3,300 shares of $15 par value common stock for $52,000 of inventory, $140,000 of machinery, and acceptance of a $102,000 note payable. View transaction list Journal entry worksheet 1 2 3 > Record the issuance of 49,000 shares of $4 par value common stock for $317,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal
s
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…
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.)