St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 136,000 common shares at $12 share. Jun. 10 Issued 164,000 preferred shares in exchange for land with a clearly determined value of $870,000. Aug. 3 Issued 9,000 shares of common stock for $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 136,000 common shares at $12 share. Jun. 10 Issued 164,000 preferred shares in exchange for land with a clearly determined value of $870,000. Aug. 3 Issued 9,000 shares of common stock for $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions:
| Jan. 31 | Issued 136,000 common shares at $12 share. |
| Jun. 10 | Issued 164,000 |
| Aug. 3 | Issued 9,000 shares of common stock for $8 per share. |
Prepare the
| Jan. 31 | fill in the blank 2 | fill in the blank 3 | |
| fill in the blank 5 | fill in the blank 6 | ||
| fill in the blank 8 | fill in the blank 9 | ||
| Jun. 10 | fill in the blank 11 | fill in the blank 12 | |
| fill in the blank 14 | fill in the blank 15 | ||
| fill in the blank 17 | fill in the blank 18 | ||
| Aug. 3 | fill in the blank 20 | fill in the blank 21 | |
| fill in the blank 23 | fill in the blank 24 | ||
| fill in the blank 26 | fill in the blank 27 |
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!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education