Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock.  Indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account and the dollar amount in the amount columns assuming that Sunshine Corp on Jan . 15  received cash for the issuance of 2,000 shares of preferred stock at par value.                                                     JOURNAL

Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $55 par and 400,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1.  Issued 130,000 shares of common stock at par for cash. July. 1               July. 1  Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1               Aug. 7.  Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7                                       Sept. 20.  Issued 20,000 shares of preferred stock at…

A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.

Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

Subject :- Accounting

Question. 2