FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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ABC received $300,000 in cash for issuing 10,000 shares of $9.00 par common stock.
ABC received $600,000 cash for issuing 2000 shares of $200/par
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- A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include: Multiple Choice A credit to Common Stock for $95,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $104,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $199,500. A credit to Common Stock for $104,500. A debit to Cash for $95,000. Oarrow_forwardSubject :- Accountingarrow_forwardPrepare entries to record the following:(a) Issued 1,000 shares of $10 par common stock at $56.(b) Purchased 100 shares of treasury stock at $25.arrow_forward
- Record entries for each of the following separate issuances of stock. 1. Exchanged 2,350 shares of $50 par value preferred stock for a building with a market value of $150,000. 2. Issued 1,700 shares of $50 par value preferred stock for $50 cash per share. 3. Issued 1,150 shares of $50 par value preferred stock at $54 cash per share. View transaction list A Exchanged 2,350 shares of $50 par value preferred stock for a building with a market value of $150,000. B Issued 1,700 shares of $50 par value preferred stock for $50 cash per share. C Issued 1,150 shares of $50 par value preferred stock at $54 cash per share. Note : = journal entry has been entered X g with a ebit Creditarrow_forwardEhrlichCo. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $365,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug. 15 Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Dec. 15 Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity Paid-in capital: Capital stock: 9% preferred stock, $100 par value,…arrow_forwardPlease show your work.arrow_forward
- Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.Journalize the issuance of the preferred stock. what is the title or explanation? what is debit or credit ?arrow_forwardThe Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $620,000 and a credit or credits to a. Preferred Stock for $620,000. Ob. Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $120,000. Oc. Preferred Stock for $500,000 and Retained Earnings for $120,000. Od. Paid-in Capital from Preferred Stock for $620,000.arrow_forward
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