Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter o for the amounts.)

Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter o for the amounts.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On June 1, Sage Hill Inc. issues 2,500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) June 1 Assets Cash Liabilities Paid-in-Capital Common Stock Revenue Stockholders' Equity Expense Retained Earnings Dividend
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ore Info re info May 19 Jun. 3 Jun. 11 Issued 1,300 shares of $1 par value common stock for cash of $11.50 per share. Isssued 240 shares of $5, no-par preferred stock for $12,000 cash. Received equipment with a market value of $68,000 in exchange for 11,000 shares of the $1 par value common stock.
Bridgeport Corporation issued 590 shares of no-par common stock for $8,800. Prepare Bridgeport's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (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.
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Delta Corporation issued 10,000 shares of no-par common stock for $1 per share on July 13. Record the stock issuance. (Check your spelling carefully and do not abbreviate. Be sure to include the type of stock in the account names where applicable. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 13
PLEASE DONT CUT OFF THE ANSWER AND USE THE EXACT ACCOUNT TITLES On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? CHART OF ACCOUNTS Pidgeon Stones Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193…
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