!No1Required information[The following information applies to the questions displayed below.]2. Record the transactions, assuming Clothing Frontiers has either $1 par value common stock or $1 stated value stock. (If noentry is required for a transaction/event, select "No journal entry required" in the first account field.)2Clothing Frontiers began operations on January 1 and engages in the following transactions during the yearrelated to stockholders' equity.January 1 Issues 600 shares of common stock for $46 per share.April 1 Issues 100 additional shares of common stock for $50 per share.DateJanuary 01April 01CashCommon stockCashCommon stockX Answer is not complete.General JournalDebit27,6005,000Credit27,6005,000 X

The journal entries are prepared to keep the record of day to day transactions of the business on…

Answered: Required information [The following…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 2AP

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(b) Your answer is partially correct. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) < Preferred Stock I Feb. 1 Mar. 1 Sept. 1 Bal. Common Stock Julv 1 Dec. 1 Bal. 95000 50000 27500 172500 85000 41250 126250
. Prepare a statement of stockholders’ equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Clairemont Co. Statement of Stockholders’ Equity 1 Common Stock Retained Earnings Total 2 3 4 5 6
Best Discount Furniture, Inc. completed the following treasury stock transactions in 2024: 1 (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Best Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2024? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $6 per share. Date Dec. 1 Accounts Debit Credit
he stockholders' equity of Xeltron Corporation at January 1 follows: 9 % Preferred stock, $100 par value, 20,000 shares authorized; 6,000 shares issued and outstanding Common stock, $2 par value, 100,000 shares authorized; 40,000 shares issued and outstanding Paid-in capital in excess of par value-Preferred stock Paid-in capital in excess of par value-Common stock Retained earnings Total Stockholders' Equity he following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $1 per share. The authorization was increased to 300,000 shares. Mar. 31 Converted $90,000 face value of convertible bonds payable (the book value of the bonds was $97,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. June 1 Acquired equipment with a fair market value of $45,000 in exchange for 200 shares of preferred stock. Sept. 1 Acquired 12,000 shares of common stock for cash at $20 per…
Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 400,000 60,000 330,000 $ 790,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Jan. Feb. July Aug. Sept. Oct. Dec. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net…
Required information [The following information applies to the questions displayed below.] Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. L January 1 Issues 600 shares of common stock for $35 per share.. April 1 Issues 100 additional shares of common stock for $39 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par 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 No 1 2 Date January 01 April 01 1 View journal entry worksheet Cash 2 Date January 01 Common Stock Cash January 1 Issues 600 shares of common stock for $35 per share. April 1 Issues 100 additional shares of common stock for $39 per share.. Record entry General Journal Common Stock Record the issuance of 600 shares Note: Enter debits before credits. Required information [The following…
Zen Aerospace Corporation reported the following equity account balances on December 31, 2022: Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 23,500 shares issued and outstanding Retained earnings 648,600 331,000 In 2023, the company had the following transactions affecting shareholders and the shareholders' equity accounts: Jan. 1 Purchased and retired 2,700 common shares at $36 per share. 14 The directors declared an 9% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $46.30 per share. 30 Date of record regarding the 9% share dividend. 5 Date of distribution regarding the 9% share dividend. Feb. July 6 Sold 5,700 preferred shares at $67 per share. Sept. 5 The directors declared a total cash dividend of $48,006 payable on October 5 to the September 20 shareholders of record. Oct. 5 The cash dividend declared on September 5 was paid. Dec. 31 Closed the $472,600…
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
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $123,400 and the retained earnings were $62,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,600 in stock. Accounts payable $2,000 Miscellaneous Expense $1,000 Accounts receivable 10,340 Office expense 1,250 Cash 21,420 Supplies 1,670 Fees earned 73,380 Wages expense 23,270 Land 47,000 Dividends 14,200 Building 157,630
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par 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 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
The following events occurred Gargantuan's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Adjusting Entries information 9. There was $310 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period.
Prepare the stockholders' equity section for Cheyenne Company at December 31, 2021. (Enter account name only and do not provide descriptive information.) CHEYENNE COMPANY Stockholders' Equity 24 $4

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