Journlise The Entries To Record The Transactians. .......Instructions Chart of Accounts JournalInstructionsAlpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with aDar of $1.The following transactions affecting stockholders equity were completed during the first year of operations:Jan.2Issued 110,000 shares of stock at par to Paul Glenn for cash5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connectionwith the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby forcash. (record as two separate transactions)8Purchased land and a building from Gretchen Northway in exchange for stock issued at par. Thebuilding is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on themortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the994400 and that ented the state. The eBookPrint ItemInstructionsJan. 2 Issued 110,000 shares of stock at par to Paul Glenn for cash58Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connectionwith the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby forcash. (record as two separate transactions.)Purchased land and a building from Gretchen Northway in exchange for stock issued at par. Thebuilding is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5,800 on themortgage note at the time of the purchase. It is agreed that the land is to be priced at $63.800 and thebuilding at $224,400 and that Gretchen Northway's equity will be exchanged for stock at par. Thecorporation agreed to assume responsibility for paying the mortgage note and the accrued interest.Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles

Instructions Chart of Accounts Instructions Journal Alpha Sounds Corp, an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders equity were completed during the first year of operations: Jan 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the

Instructions Chart of Accounts Instructions Journal Alpha Sounds Corp, an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders equity were completed during the first year of operations: Jan 2 Issued 110,000 shares of stock at par to Paul Glenn for cash 5 Issued 2,200 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation and issued 42,100 shares of stock at par to Michele Kirby for cash. (record as two separate transactions) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $177,000 for 20 years at 6%, and there is accrued interest of $5.800 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $63,800 and the

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

See similar textbooks

Similar questions

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.
Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 47,000 shares for cash at $52 per share. July 1 Issued 62,500 shares for cash at $56 per share. Date Account Titles and Explanation Debit Credit choose a transaction date Feb. 1July 1 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 choose a transaction date Feb. 1July 1 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…
Beauty Island Corporation began operations in April by completing these transactions: Apr01... issued 60,000 shares of $5 par value common stock for cash at $13 per share. Apr19... issued 2,000 shares of common stock to attorneys in "payment" of their bill of $27,500 for organization costs. Apr20... issued 1,000 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuing of common & preferred shares, (assuming shares are not publicly traded). Apr 01 Apr 19 Apr 20 The separation of paid-in capital from earned capital concerns the issue of “legal capital". "Legal" capital limits dividends to within total of retained earnings and any additional paid-in capital. "Capital" is categorized as "Paid-in" and "Earned". Paid-in capital (also called contributed capital) is provided by investors when they buy a company's initially issued shares. Earned capital is retained earnings, the accumulated income a company has earned since its inception. These distinctions only…
During its first year of operations, Wildhorse Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $7 per share. July 1 Issued 50,000 shares for cash at $10 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in enter o for the amounts.) Date Account Titles and Explanation Debit Credit
Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 6,600 shares of its own common stock at $41 per share on October 11.b. Sold 1,400 treasury shares on November 1 for $47 cash per share.c. Sold all remaining treasury shares on November 25 for $40 cash per share. On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common stock–$10 par value, 88,000 shares authorized, issued, and outstanding $ 880,000 Paid-in capital in excess of par value, common stock 296,000 Retained earnings 992,000 Total stockholders’ equity $ 2,168,000 Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 6,600 shares of its own common stock at $41 per share on October 11.b. Sold 1,400 treasury shares on November 1 for $47 cash per share.c. Sold all remaining treasury shares on November 25 for $40 cash per share.
Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the accounts that should be recorded in the Description column of the Journal item (2) as the credit accounts and for what amounts assuming that Sunshine Corp. received cash for the issuance of 10,000 shares of common stock at $30. JOURNAL Date Description P.Ref DEBIT CREDIT Jan. 1 (1) $300,000 (2) ? (2) ? Group of answer choices Common Stock credit of $300,000 and Cash credit of $50,000 Treasury Stock credit of $250,000 and Cash credit of $50,000 Common Stock credit of $250,000 and Paid-In Capital in Excess Par - Common Stock credit of $50,000 Common Stock credit of $300,000 and Treasury Stock credit of $50,000
Accounting I need the answer complete and in computer, no handwritten please. Transit Inc. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. March. 1 Issued 25,000 shares for cash at $54 per share. July 1 Issued 13,500 shares for cash at $58 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (c) Indicate the financial statement presentation of the related accounts.
Blossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (Record journal entries in the order presented in the problem. 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.)
Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations: Journalize the entries to record the transactions. a. Issued 100,000 shares of stock at par to Paul Glenn for cash. b. (1)Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 45,000 shares of stock at par to Michele Kirby for cash. c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $180,000 for 20 years at 6%, and there is accrued interest of $5,200 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $60,000 and the building at $225,000 and that Gretchen Northway's equity…
Sandhill Co. had these transactions during the current period. June 12 Issued 81,000 shares of $1 par value common stock for cash of $303,750. July 11 Nov. 28 Issued 3,550 shares of $100 par value preferred stock for cash at $109 per share, Purchased 2,600 shares of treasury stock for $11,700. Prepare the journal entries for the Sandhill Co. transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit