2-Olaf Inc. received a check from its underwriters for $83 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $83 per share. Which is the correct entry to record the issue of the stock? O dr. Cash $83,000,000; cr. Common stock $83,000,000. O. © dr. Cash $83,000,000; cr. Deferred stock issue revenue $38,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par $40,000,000. O None of the options listed. O. © dr. Cash $83,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par $78,000,000. O. © dr. Cash $83,000,000; cr. Stock issue expense $38,000,000; cr. Stock contract receivable $45,000,000

2-Olaf Inc. received a check from its underwriters for $83 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $83 per share. Which is the correct entry to record the issue of the stock? O dr. Cash $83,000,000; cr. Common stock $83,000,000. O. © dr. Cash $83,000,000; cr. Deferred stock issue revenue $38,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par $40,000,000. O None of the options listed. O. © dr. Cash $83,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par $78,000,000. O. © dr. Cash $83,000,000; cr. Stock issue expense $38,000,000; cr. Stock contract receivable $45,000,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

See similar textbooks

Similar questions

Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000
A. Journalized the following transactions and prepare the Trail Balance:January, 2021 1 Pak Wheel corporation issued 10,000 shares of common stock of Rs5 par value and received Rs53,000 cash. The company then purchased back 900 shares out of those at Rs6 per share. The company then resold 500 shares from treasury stock at Rs6.50 per share. 3 Pak Wheel corporation Company A issued 100,000 shares of preferred stock of $30 par value against $1,000,000 in cash and $2,000,000 worth of property, plant and equipment. They carry dividend of $3 per share. 7 Pak Wheel corporation took over the assets of Rs 19,00,000 and liabilities of R 3,00,000 from Shah Ltd. for a purchase consideration of Rs15,19,000. Pak Wheel corporation issued a promissory note of Rs 17,000 payable after 60 days in favour of Shah Ltd. and the balance amount was paid by issue of equity shares of Rs 100 each at a premium of Rs 25 per share. 16 The owner takes Rs10000 of goods out of the business for his own use.
A corporation issues 1,500 shares of common stock for $32,000. The stock has a par value of $10 per share. The journal entry to record the stock issuance would include a credit (increase) to Common Stock for: Oa. $15,000 Ob. $32,000 Oc. $17,000 Od. $2,000 A Moving to the next question prevents changes to this answer, Question 3 of 10 & @ # $ de 6. 7 8 2 3 4 } P Y U E R %3D G H J K S D F V V B ミ

A. Journalized the following transactions and prepare the Trail Balance:January, 2021 1 Pak Wheel corporation issued 10,000 shares of common stock of Rs5 par value and received Rs53,000 cash. The company then purchased back 900 shares out of those at Rs6 per share. The company then resold 500 shares from treasury stock at Rs6.50 per share. 3 Pak Wheel corporation Company A issued 100,000 shares of preferred stock of $30 par value against $1,000,000 in cash and $2,000,000 worth of property, plant and equipment. They carry dividend of $3 per share. 7 Pak Wheel corporation took over the assets of Rs 19,00,000 and liabilities of R 3,00,000 from Shah Ltd. for a purchase consideration of Rs15,19,000. Pak Wheel corporation issued a promissory note of Rs 17,000 payable after 60 days in favour of Shah Ltd. and the balance amount was paid by issue of equity shares of Rs 100 each at a premium of Rs 25 per share.
Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per share on application, $5 per share on allotment and there will be a final call of $2 payable at a later date to be decided by directors. The journal entry to record the application will be: Select one: O a. Debit Bank Trust account, credit Application. O b. Debit Cash, credit Allotment. O c. Debit Cash, credit Ordinary share capital. O d. Debit Application, credit Bank Trust Account.
Question 3.) A corporation issues 2,500 shares of common stock for P45,000. The stock has stated value of P10 per share. The journal entry to record the stock issuance would include a credit to Additional Paid in Capital of? A. P45,000 B. P25.000 C. P20,000 D. P5,000
Nebraska Inc. issues 4,200 shares of common stock for $134,400. The stock has a stated value of $14 per share. The journal entry for the stock issuance would include a credit to Common Stock for a. $4,200 b. $75,600 c. $58,800 d. $134,400
(38) Badger Corporation issued 9,000 shares of its $5 par value common stock in payment for attorney services billed at $108,000. Badger Corporation's stock has been actively trading $12 per share. The Journal entry for this transaction would include a: A. Debit to Legal Expense $108,000. B. Debit to Legal Expense $45,000. C. Credit to Paid-in Capital in Excess of Par - Common $108,000 D. Credit to Common Stock $63,000
Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.
Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has a $3 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $58,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. Journal entry worksheet Li
On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On December 23, ABC company reissued 400 shares for $15 each. Which one is the correct journal entry for reissure? O a. Debit Cash $15,000. O b. Credit Additional Paid in Capital $5,200. c. Credit Treasury Stock $6,000. O d. Credit Treasury Stock $10,800.