Subject: acounting The stockholders' equity accounts of Novak Corporation on January 1, 2022, were as follows.Preferred Stock (8%, $52 par, 10,000 shares authorized)Common Stock ($1 stated value, 1,950,000 shares authorized)Paid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock (10,500 common shares)$ 442,0001,350,000115,0001,400,000141,750,000During 2022, the corporation had the following transactions and events pertaining to its stockholders equity.No dividends were declared during the year.52,500Feb. 1Issued 26,000 shares of common stock for $122,000Apr.Sold 5,700 shares of treasury stock-common for $32,700.Issued 5,100 shares of common stock for a patent valued at $36.000.Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.Dec. 31 Determined that net income for the year was $485,000.Sept. 3Nov. 10: (a)Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries inthe order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebit10000Credit

Stockholder's Equity - Statement of Stockholder's Equity includes Issuance of Common and Preferred…

Answered: The stockholders' equity accounts of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 10PA: Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr)...

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Similar questions

Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18
Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20
For a journal entry to be complete, it must contain a. the date. b. a debit entry. c. a credit entry. d. an explanation. e. all of the above.
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. Mar. 1 Apr. May Aug. Sept. Nov. 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. 1 Issued 1,000 shares of preferred stock for cash at $113 per share. 1 1 1
Bramble Corporation was organized on January 1, 2022. It is authorized to issue 10,500 shares of 8%, $100 par value preferred stock, and 477,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. Issued 75,500 shares of common stock for cash at $4 per share. Issued 5,650 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $86,500. The fair value of the land was $83,000. Issued 84,500 shares of common stock for cash at $4.25 per share. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $6 per share. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Sept. Nov. 1 1 1
Splish Brothers Inc. has the following balances in selected accounts on December 31, 2019. Accounts Receivable $0 Accumulated Depreciation-Equipment Equipment 7,000 Interest Payable Notes Payable 9,800 Prepaid Insurance 2,820 Salaries and Wages Payable Supplies 2,700 Unearned Service Revenue 31,200 All the accounts have normal balances. The information below has been gathered at December 31, 2019. Splish Brothers Inc. borrowed $9,800 by signing a 12%, one-year note on September 1, 2019. A count of supplies on December 31, 2019, indicates that supplies of $850 are on hand. 1. 2. Depreciation on the equipment for 2019 is $1,900. Splish Brothers Inc. paid $2,820 for 12 months of insurance coverage on June 1, 2019. On December 1, 2019, Splish Brothers Inc. collected $31,200 for consulting services to be performed from December 1, 2019, through March 31, 2020. Splish Brothers Inc. performed consulting services for a client in December 2019. The client will be billed $4,200. 3. 4. 5. 6.…
Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2022, the following transactions occurred. Mar. 1 July 1 Sept. 1 $525,000 Dec. 1 68,500 Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $127,000. Issued 1,300 shares of preferred stock for cash at $65 per share. Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for…
Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
(b) Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) Account Titles Debit Credit
A journal entry to record a payment on account will include a O debit to Accounts Payable. O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Accounts Receivable.
View Policies Current Attempt in Progress Carla Vista Company manufactures pizza sauce through two production departments: cooking and canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits: Beginning work in process inventory Direct materials Direct labour Manufacturing overhead Costs transferred in Cooking $-0- 26,900 7,350 32,800 Canning $3,750 7,620 7,490 26,000 52,200 I dit ontries Credit account titles are automatically indented when the an

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