Required information[The following information applies to the questions displayed below.)Following are the issuances of stock transactions.1. A corporation issued 10,000 shares of $30 par value common stock for $360,000 cash.2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimatedto be worth $23.500. The stock has a $0 per share stated value.3. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimatedto be worth $23,500. The stock has no stated value.4. A corporation issued 2,500 shares of $25 par value preferred stock for $86,000 cash.Analyze each transaction from Issuances of stock by showing its effect on the accounting equation-specifically, Identify the accountsand amounts (including + or -) for each transaction.Assets1. Common Stock, $30 Par Value(-) decrease1.2.2.2.3.3.4.4.Liabilities+Equity

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

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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...

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
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.
Required information [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 $47,500. The stock has a $5 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 $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. i View transaction list View journal entry worksheet No A Transaction General Journal Cash Common stock, $10 par value Paid-in capital in excess of stated value, common stock Debit 24,000 Credit 20,000 4,000 Ⓒ
Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $20 par value common stock for $48,000 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 $32,500. 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 $32,500. The stock has no stated value. 4. A corporation issued 500 shares of $100 par value preferred stock for $82,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. Cash 1. 2. 2. 2. 3. 3. 4. st 4. Assets = (+) increase 480,000 = = = Liabilities + Common Stock, $20 Par V + + + + + + +
Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. are journal entries to record each of the following four separate issuances of stock. ew transaction list Journal entry worksheet < A B C D Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash. Note: Enter debits before credits.
Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $5 par value common stock for $12,000 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 $47,500. The stock has a $5 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 $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $50 par value preferred stock for $72,500 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. 1. 2. 2. 2. 3. 3. 4. 4. Assets = = = = = Liabilities + + + + + + + + Equity
Following are the issuances of stock transactions. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has a $3 per share stated value. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has no stated value. A corporation issued 500 shares of $75 par value preferred stock for $67,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
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 10,000 shares of $20 par value common stock for $240,000 cash. 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $1 per share stated value. 3. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation issued 2,500 shares of $50 par value preferred stock for $176,000 cash. Exercise 11-4 (Algo) Recording stock Issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock.
ed es Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
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
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 10,000 shares of $10 par value common stock for $120,000 cash. 2. A corporation Issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has a $1 per share stated value. 3. A corporation Issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has no stated value. 4. A corporation Issued 2,500 shares of $75 par value preferred stock for $223,000 cash. ercise 13-4 (Algo) Recording stock issuances LO P1 pare journal entries to record each of the following four separate Issuances of stock. View transaction list A Record the issue of 10,000 shares of $10 par value common stock for $120,000 cash. B Record the issue of…
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 4,000 shares of $10 par value common stock for $48,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has a $2 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has no stated value. 4. A corporation issued 1,000 shares of $75 par value preferred stock for $110,500 cash. xercise 11-4 (Algo) Recording stock issuances LO P1 repare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet

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