On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $5) at $15, and on June 30, it issued for cash 25,000 shares of preferred stock, $70 par at $73. a.  Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15   fill in the blank 87fa3303cfb5f86_2 fill in the blank 87fa3303cfb5f86_3     fill in the blank 87fa3303cfb5f86_5 fill in the blank 87fa3303cfb5f86_6     fill in the blank 87fa3303cfb5f86_8 fill in the blank 87fa3303cfb5f86_9 June 30   fill in the blank 87fa3303cfb5f86_11 fill in the blank 87fa3303cfb5f86_12     fill in the blank 87fa3303cfb5f86_14 fill in the blank 87fa3303cfb5f86_15     fill in the blank 87fa3303cfb5f86_17 fill in the blank 87fa3303cfb5f86_18 b.  What is the total amount invested (total paid-in capital) by all stockholders as of June 30?

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

A: Total paid in capital is the amount of capital which includes the common stock, preferred stock,…

Q: Entries for issuing stockOn May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-parcommon…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Entries for Treasury Stock On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common…

A: Treasury stock is the outstanding stock purchased by company itself. Treasury stock is to be…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: On January 22 : (a) Number of Common Stock shares issued = 210,000 shares (b) Par Value = $ 30 (c)…

Q: On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 120,000 shares of $5 par…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 22, Muir Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Cash received on January 22 = No. of common shares issued x issue price per share = 12,000 x $45 per…

Q: On January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

A: Solution The journal entries of January 22 , February 14 and August 30 transactions are shown below

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Entries for Isuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Amount  received  for issue of shares in excess of par value will be credited  to paid in capital…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A:

Q: On January 22, Shamrock Corporation issued for cash 13,000 shares of no-par common stock at $40. On…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Total  fair market prices of assets = Land + Building + Equipment = $89000 + 486000 + 109000 =…

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 76,000 shares of its common stock at…

A: Introduction Treasury stock: Treasury stock is the company’s its own stock which company purchases…

Q: On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of…

A: Date Account Titles and Explanations  Debit   Credit  May'1 Cash  (10,000 shares X $ 30 per share)…

Q: Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 13,000 shares of…

A:

Q: On January 22, Erin Corporation issued for cash 12,000 shares of no-par common stock at $45. On…

A: Date Account Titles and Explanation Debit Credit January 22 Cash (12,000 x $45) $540,000     To…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a staled value of $3)…

A: Journal entries are usually recorded in the books to primarily show the effect of transactions…

Q: On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…

Q: McVie Corporation’s stock has a par value of $2. The company has the following transactions during…

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: n January 22, Micah Corporation issued for cash 125,000 shares of no-par common stock at $6. On…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued…

A: To prepare journal entries first we need to understand the Golden Rules of Accounting and the types…

Q: Entries for Treasury Stock On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common…

A:

Q: Prepare journal entries for the following transactions reported by Jet Corporation for the month of…

A: The equity includes the total capital that belongs to the shareholders of the business.

Q: Ise Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock…

A: When a company reacquires/purchases its owns share, it called treasury shares. Assumption :cost…

Q: Bramble Corporation issued 2,000 shares of stock.Prepare the entry for the issuance under the…

A: No. Account Titles and explanation Debit Credit a. Cash $52,500     Common…

Q: Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: WORKING NOTE FOR AMOUNTS : $ FEB 13  CASH - 75,000 X 140 = 10,500,000 COMMON STOCK - 75,000 X 125 =…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Total cash received on issue of preferred stock = No of shares issued x issue price = 15,000 shares…

Q: Entries for Treasury Stock On May 27, Buzz Off Inc. reacquired 79,000 shares of its common stock at…

A: Solution:- Preparation of journal entries as follows under:-

Q: Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A:

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February…

A: Working note : 9 august transaction Fair market value of all assets 480000 and par value of share…

Q: On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash…

A: Introduction: A stockholder is also referred to as a shareholder or an individual who owns at least…

Q: McVie Corporation's stock has a par value of $2. The company has the following transactions during…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Entries fOF ISsuIny StOck On January 22, Ireland Corporation issued for cash 30,000 shares of no-par…

A: Paid in capital in excess of par - Preferred stock = Issue value of preferred stock - Par value of…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: Date Account Debit Credit   Feb 5 Cash $ 1,125,000   =75000*15   Common stock   $ 1,125,000…

Q: Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 15,000 shares of…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: On February 13 Epperson company issued for cash 80,000 shares of no part common stock (with a stand…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: given that,   authorised 1% prefered stock = 100000 shares  par value of preferred stock = $50…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: Shareholders' equity balance includes common stock, preferred stock, and additional paid-in capital.…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: On Jan 22, 35,000 common shares issued {PAR=$25} @ $85 each ~ $60 Share premium   On Feb 27,…

Q: Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock…

A: Journal entries are passed following the golden rules of accounting.  Debit all assets and expenses…

Q: Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on…

A: The Par value of a common share is $10. So Common Stock will always be credited by the amount of…

Q: Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued…

A: Common Stocks refers to shares entitling their holder to dividends that vary in amount.It is also…

Q: Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash…

A: Preferred stock means the amount raised against which dividend is given to stock holder but after…

Q: Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared…

A: Stock dividend = No. of common stock outstanding x  stock dividend  rate x market price of the stock…