Prepare journal entries to record each of the following four separate issuances of stock.
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|Common stock, $5 par value||25,000|
|Paid-in capital in excess of par value, Common stock||5,000|
|Common stock, $2 stated value||5,000|
|Paid-in capital in excess of stated value, common stock||51,500|
|Common stock, no-par value||56,500|
|Preferred stock, $50 par value||62,500|
|Paid-in capital in excess of par value, preferred stock||56,500|
1.Common stock, $5 par value = 5,000 shares × $5 per share = $25,000Paid in capital in excess of par value, common stock = $30,000 – $25,000 = $5,0004.Preferred stock, $50 par value = 1,250 shares × $50 per share = $62,500Paid in capital in excess of par value, preferred stock = $119,000 – $62,500 = $56,500
Read each of the following transactionsA). The cash sales per a register tape were $593 The cash count is $559B). The cash sales per a register tape were $9,400 The cash count is $8,910.Prepare the general journal entries to record the above transactions.
Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet.March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30.March 3 Dodson Company returned merchandise worth $200 to Molina.March 9 Molina collected the amount due from Dodson Company from the March 1 sale.March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...
Langley Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend.
Your examination of the Preferred Stock and Common Stock accounts reveals that the amounts shown correctly state the total par value of the issued capital stock. The Retained Earnings account contains the accumulated earnings of the company, with the exception of any items of retained earnings that were inappropriately debited or credited to the Capital Surplus account.Required:1.Prepare whatever journal entries are necessary to eliminate the Capital Surplus account and to correct Hubbard’s shareholders’ equity accounts.
For each of the unrelated transactions described below, present the entries required to record each transaction.
For each of the unrelated transactions described below, present the entries required to record each transaction.1. Concord Corp. issued $19,900,000 par value 9% convertible bonds at 99. If the bonds had not been convertible, the company’s investment banker estimates they would have been sold at 95.2. Hoosier Company issued $20,000,000 par value 10% bonds at 98. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling...
The stockholders" equity section of Jay Company"s balance sheet on 2009 December 31, shows 100,000 shares of authorized and issued USD 20 stated value common stock, of which 9,000 shares are held in the treasury. On this date, the board of directors declared a cash dividend of USD 2 per share payable on 2010 January 21, to stockholders of record on January 10. Give dated journal entries for these.
(1) Post relevant journal entries for Job 306, Job 307 and Job 308 for the month of April.(2) Calculate cost of goods sold for Job 306.(3) Calculate overapplied or underapplied overhead.
Prepare Sunland’s journal entries to record. (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
Sunland, Inc. purchased 1,890 shares of Oneida Corporation common stock for $89,400. During the year, Oneida paid a cash dividend of $1.00 per share. At year-end, Oneida stock was selling for $45.90 per share. Prepare Sunland’s journal entries to record.(a) the purchase of the investment,(b) the dividends received, and(c) the fair value adjustment.(Assume a zero balance in the Fair Value Adjustment account.)
record the following transactions on the books of cullumber company. record the transactions in the books of cullumber in a chronological order.
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Record the following transactions on the books of cullumber co (omit cost of goods sold entries) (credit account titles are automatically indented when amount is entered.Do not indent manually).(a) on july 1,cohen co sold merchandise on account to tracy inc for $23,400, terms 2/10,n/30(b)on july 8, tracy inc returned merchandise worth $2,400 to cohen co.(c)on july 11,tracy inc paid for the merchandise.
Which of the following is NOT one of the four main types of inventory?A. raw material inventoryB. work-in-process inventoryC. maintenance/repair/operating supply inventory (MRO)D. just-in-time inventoryE. finished -goods inventory Reset Selection