Entries for Issuing No-Par StockOn May 15, Helena Carpet Inc., a carpet wholesaler,issued for cash 750,000 shares of no-par common stock(with a stated value of $1.50) at $4, and on June 30, itissued for cash 17,500 shares of preferred stock, $50par at $60.a. Journalize the entries for May 15 and June 30,assuming that the common stock is to be credited withthe stated value. If an amount box does not require anentry, leave it blank.May 15June 30b. What is the total amount invested (total paid-incapital) by all stockholders as of June 30?

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

Answered: Entries for Issuing No-Par Stock On May…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.7E

See similar textbooks

Similar questions

A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
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.
Treasury Stock Transactions Garrett Inc. had no treasury stock at the beginning of the year. During February, Garrett purchased 12,600 shares of treasury stock at $23 per share. In May, Garrett sold 4,500 of the treasury shares for $25 per share. In November, Garrett sold the remaining treasury shares for $18 per share. Required: Prepare journal entries for the February, May, and November treasury stock transactions.
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 12 Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $18, and on May 15, it issued for cash 6,000 shares of $17 par preferred stock at $62. Journalize the entries for May 10 and 15, 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 10 May 15
Entries for Issuing No-Par Stock 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…
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Question Content Area a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12 Cash Cash - Select - - Select - - Select - - Select - Aug. 3 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?$fill in the blank
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 730, 000 shares of no - par common stock (with a stated value of $1.70) at $4.70, and on August 3, it issued for cash 24, 700 shares of preferred stock, $45 par at $61. Required: a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. 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 August 3?
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 225,000 shares of no-par common stock (with a stated value of $6) at $18, and on August 3, it issued for cash 25,000 shares of preferred stock, $80 par at $84. a. Journalize the entries for February 12 and August 3, 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. Feb. 12 Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 37
Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3, Kick Off sold 3,200 of the reacquired shares at $51 per share. On November 14, Kick Off sold the remaining shares at $47 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 dropdown Aug. 3 Nov. 14
Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 3,800 shares of its common stock at $46 per share. On August 3, Let Loose sold 2,100 of the reacquired shares at $49 per share. November 14, Let Loose sold the remaining shares at $45 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. cash/common stock/paid in from sale of treasury stock/paid in capital in excess of par/treasury stock/preferred stock/accounts receivable/retained earnings/ May 27 Aug. 3 Nov. 14

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS