Blue Spruce Corp. issued 3,000 shares of stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)(a)The stock had a par value of $10 per share and was issued for a total of $48,000.(b)The stock had a stated value of $10 per share and was issued for a total of $48,000.(c)The stock had no par or stated value and was issued for a total of $48,000.(d)The stock had a par value of $10 per share and was issued to attorneys for services during incorporation valued at $48,000.(e)The stock had a par value of $10 per share and was issued for land worth $48,000.No. Account Titles and Explanation(a)DebitCredit

Journal entries : The journal entries related to common stock issues can be prepared as follows,…

Answered: Blue Spruce Corp. issued 3,000 shares…

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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Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) No. Account Titles and Explanation (a) (b) The stock had a par value of $5.25 per share and was issued for a total of $46,500. The stock had a stated value of $5.25 per share and was issued for a total of $46,500. The stock had no par or stated value and was issued for a total of $46,500. The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. The stock had a par value of $5.25 per share and was issued for land worth $46,500. (c) (d) (e) J Debit Credit
Sheridan Company issued 1,150 shares of stock.Prepare the entry for the issuance under the following independent assumptions. (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 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $49,450. (b) The stock had a stated value of $5 per share and was issued for a total of $49,450. (c) The stock had no par or stated value and was issued for a total of $49,450. (d) The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $49,450. (e) The stock had a par value of $5 per share and was issued for land worth $49,450. No. Account Titles and Explanation Debit Credit (a) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a…
Pina Colada Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) The stock had a par value of $6.75 per share and was issued for a total of $50,000. The stock had a stated value of $6.75 per share and was issued for a total of $50,000. The stock had no par or stated value and was issued for a total of $50,000. The stock had a par value of $6.75 per share and was issued to attorneys for services during incorporation valued at $50,000. The stock had a par value of $6.75 per share and was issued for land worth $50,000.
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The stock had a par value of $5.25 per share and was issued for a total of $46,500. (b) The stock had a stated value of $5.25 per share and was issued for a total of $46,500. (c) The stock had no par or stated value and was issued for a total of $46,500. A (d) The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. (e) The stock had a par value of $5.25 per share and was issued for land worth $46.500.
Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The stock had a par value of $5 per share and was issued for a total of $68,000. The stock had a stated value of $5 per share and was issued for a total of $68,000. The stock had a par value of $5 per share and was issued to attorneys for services duri The stock had a par value of $5 per share and was issued for land worth $68,000.
Osage Corporation issued 2,000 shares of common stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $52,000. (b) The stock had a stated value of $5 per share and was issued for a total of $52,000. (c) The stock had no par or stated value and was issued for a total of $52,000. (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000. (e) The stock had a par value of $5 per share and was issued for land worth $52,000.
Bridgeport Corporation issued 2,750 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The stock had a par value of $4.50 per share and was issued for a total of $45,000. (b) The stock had a stated value of $4.50 per share and was issued for a total of $45,000. (c) The stock had no par or stated value and was issued for a total of $45,000. (d) The stock had a par value of $4.50 per share and was issued to attorneys for services during incorporation valued at $45,000. (e) The stock had a par value of $4.50 per share and was issued for land worth $45,000. Debit Credit No. Account Titles and Explanation 45,000 (a) Cash 12,375 Common Stock 15,124 Paid-in Capital in Excess of Par-Common Stock
Wildhorse Corporation issued 420 shares of $10 par value common stock and 126 shares of $50 par value preferred stock for a lump sum of $18,900. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Cash Common Stock Preferred Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Debit 18900 000 Credit 4200 6300 6300 6461
Blue Spruce Corporation issued 2,850 shares of stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,650.) (a) The stock had a par value of $10 per share and was issued for a total of $56,500. (b) The stock had a stated value of $10 per share and was issued for a total of $56,500. (c) The stock had no par or stated value and was issued for a total of $56,500. (d) The stock had a par value of $10 per share and was issued to attorneys for services during incorporation valued at $56,500. (e) The stock had a par value of $10 per share and was issued for land worth $56,500
Kingbird, Inc. issues 8,600 shares of $106 par value preferred stock for cash at $112 per share. Journalize the issuance of the preferred stock. (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 0 for the amounts.) Account Titles and Explanation Debit Credit
Sheffield Corporation issued 410 shares of $10 par value common stock and 123 shares of $50 par value preferred stock for a lump sum of $18,450. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. 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. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit
Shamrock, Inc. issues 9,100 shares of $106 par value preferred stock for cash at $114 per share.Journalize the issuance of the preferred stock. (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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

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