Native Corp. reports the following transactions for 2020:1 (Click the icon to view the transactions.)Required. Prepare journal entries for the transactions. Explanations are not required.TransactionsJanuary 27: Sold 22,000 common shares for $5 per share.Journal EntryJan. 27Sold 22,000 common shares for $5 per share.DateAccountsDebitCreditFeb. 1Sold 8,500 shares of $1.00, noncumulative, preferred shares for $75Jan.27per share.Oct. 13Declared a 10 percent stock dividend on the common shares. Thecurrent market price of the common shares is $7 per share. There are87,000 common shares outstanding on October 13.2020Nov. 16Distributed the stock dividend declared on October 13.Dec. 11Declared the annual dividend required on the preferred shares and a$0.45 per share dividend on the common shares. There are 12,000preferred shares outstanding at this time.February 1: Sold 6,500 shares of $1.00, noncumulative, preferred shares for $75 per share.Journal EntryDateAccountsDebitCreditFeb.PrintDone2020October 13: Declared a 10% stock dividend on the common shares. The current market price of the common shares is $7 per share. There are 87,000 common shares outstanding on October 13.Journal EntryDateDebitAccountsCreditOct132020November 18: Distributed the stock dividend declared on October 13.Journal EntryDateAccountsDebitCreditNov.162020December 11: Declared the annual dividend required on the preferred shares and a $0.45 per share dividend on the common shares. There are 12,000 preferred shares outstanding at this time.Journal EntryDateAccountsDebitCreditDec.112020

A share is one of the units in which the company's capital is divided into units. shares are the…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem One: Prepare proper journal entries for these transactions for Batman Industries Inc. The following activities regarding share subscriptions occurred during 2020 for Batman Industries Inc. July 1- Sold 1,000 subscriptions for common shares at $20 per share. Subscribers paid $5 per share on this date; $5 more per share is due on September 1. Subscribers who fail to make the second payment on September 1 get their deposit refunded. The final payment of the balance of $10 per share is due on December 1. Subscribers who fail to make the final payment forfeit the $10 per share they have paid. September 1 – 900 of the subscribed shares first payment were made. 100 were not made and qualified for the refund. Record the payments received and the refund made. December 1 – 800 final payments were received, 100 more did not make the payment and forfeited their first two payments. Record the payments received, the common shares issued, and the payments forfeited.
In 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900. (a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automaticaly indented when 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.) Account Titles and Explanation Debit Credit (b) Indicate the effect the transactlon has on cash. (c) Indicate how the transactlon is reported on the statement of cash flows. Sage Inc. Statement of Cash Flows (Partial)
Western Wear Clothing issues 1,000 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $13 per share, record the issuance of common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the issuance of common stock. Note: Enter debits before credits. Debit Credit Transaction 1 View general journal Record entry General Journal Clear entry
Western Wear Clothing issues 1,300 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $13 per share, record the issuance of common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the issuance of common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Alpha company reported the following equity accounts on January 1, 2020. Tpoint hare capital, P20 par, P8,000,000; Share premium, P2,750,000; Retained earnings. P1,275,000. All shares outstanding on January 1 were issued for P26 a share. On December 31. the entity reacquired 20,000 shares at P24 a share and retired them. What is the balance of the share premium?
On January 1, 2020, Vaughn Manufacturing issued 15,000 shares of $4 par value common stock for $180,000. On March 1, 2020, the company purchased 3,800 shares of its common stock for $17 per share for the treasury. Journalize the stock transactions of Vaughn Manufacturing in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 1 March 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Debit |||| 64600 Credit 64600
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders’ Equity ($ in millions) Common stock, 70 million shares at $1 par $ 70 Paid-in capital—excess of par 420 Retained earnings 530 Required:Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On February 12, 2021, Meca reacquired 1 million common shares at $12 per share. On June 9, 2022, Meca reacquired 2 million common shares at $9 per share. On May 25, 2023, Meca sold 2 million treasury shares at $15 per share. Determine cost as the weighted-average cost of treasury shares. For the previous transaction, assume Meca determines the cost of treasury…
(c) Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Concord issued 10,400 shares of restricted stock units instead of 10,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record entries in the order displayed in the problem statement.) Date Jan. 1,2025 Dec. 31, 2026 Account Titles and Explanation Debit Credi
4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:b) The Share Capital that would appear in the Balance Sheet of ABC Co. (2marks)
If Frank Corporation sells 100,000 shares of its new $1 par value common stock to investors for $1 per share on June 1, 2011, the required journal entry would require: A debit to? A credit to?
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit Credit
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Metlock issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount Please help with Journal Entry and Solving.

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