FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Prepare journal entries to record each of the following four separate issuances of stock.arrow_forwardComplete the following problem Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry. Date Description Post. Ref. Debit Credit March Issued 3,000 share of Common Stock, $2 par for $15 per share. Record the journal entry. Date Description Post. Ref. Debit Credit April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry. Date Description Post. Ref. Debit Credit…arrow_forwardA 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_forward
- Nexis Corp. issues 1,900 shares of $12 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?arrow_forwardWhen a company issues 27,000 shares of $5 par value common stock for $50 per share, the journal entry for this issuance would include: Multiple Choice A credit to Common Stock for $1,350,000. A credit to Additional Paid-in Capital for $1,215,000. A debit to Additional Paid-in Capital for $135,000. A debit to Cash for $135,000.arrow_forwardIf Dakota Company issues 3,000 shares of $9 par common stock for $45,000, a.Paid-In Capital in Excess of Par will be credited for $27,000. b.Paid-In Capital in Excess of Par will be credited for $18,000. c.Cash will be debited for $27,000. d.Common Stock will be credited for $45,000arrow_forward
- Please answer competelyarrow_forwardStevie Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Stevie Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) June 19: Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. Journal Entry Date Jun More info Jun Jul 19 11 Accounts *** Print Debit 19 Issued 1,100 shares of $3 par common stock for cash of $13.00 per share. 3 Sold 340 shares of $3.50, no-par preferred stock for $17,000 cash. Received inventory with a market value of $28,000 and equipment with market value of $11,000. Issued 3,000 shares of the $3 par common stock in exchange. Credit Donearrow_forwardCompany Z has 2.4 million shares of common stock authorized with a par value of $1 and a market price of $58. There are 1.2 million outstanding shares and 0.3 millión shares held in treasury stock Required: a. Prepare the journal entry if the company declares and distributes a 10% stock dividend. b. Show the effect of the 10% stock dividend on assets, liabilities, and stockholders' equity. c. Prepare the journal entry if the company declares and distributes a 100% stock dividend. d. Show the effect of the 100% stock dividend on assets, liabilities, and stockholders' equity. Complete this question by entering your answers in the table below. Required A Required B Required C Required D Prepare the journal entry if the company declares and distributes a 10% stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars and not in millions.) View transaction list Journal entry worksheet Record…arrow_forward
- Prepare 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_forwardPlease dont provide solution in an image format thanxarrow_forward1. Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. View transaction list Journal entry worksheet A ... ... ....*...... 8:41 3/27/2 Insert Prt Sc F7 F8 F9 F10 F11 F12 Fn F3 F4 F5 F6 + Lockarrow_forward
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