The statement of cash flows forPicture PerfectPhotographyreported the following for the year ended Decemberâ 31,2014â:
Cash flows from financing activities:
Dividends (declared and) paid. . . . . . . . . . . . . . . . . .. . . .
$(8,000)
Proceeds from issuance of common shares. . . . . . . . . . ..
14,200
Payments of short-term notes payable. . . . . . . . . . . . . ..
(6,700)
Payments of long-term notes payable. . . . . . . . . . . . . . ..
(1,350)
Proceeds from issuance of long-term notes payable. . . . . .
2,800
Requirement 1. Make the journal entrythatPicture Perfectused to record each of these transactions. Beginwith the declaration of dividends. â(Record debitsâ first,then credits. Explanations are notâ required.)
Journal Entry
Date
Accounts
Debit
Credit
Now record the payment of the dividends.
Journal Entry
Date
Accounts
Debit
Credit
Record the proceeds from the issuance of common shares.
Journal Entry
Date
Accounts
Debit
Credit
Now record the payments ofâ short-term notes payable.
Journal Entry
Date
Accounts
Debit
Credit
âLet's record the payments ofâ long-term notes payable.
Journal Entry
Date
Accounts
Debit
Credit
Record the proceeds from issuance ofâ long-term notespayable.
Journal Entry
Date
Accounts
Debit
Credit
The statement of cash flows forPicture PerfectPhotographyreported the following for the year ended Decemberâ 31,2014â:
Cash flows from financing activities: | |
Dividends (declared and) paid. . . . . . . . . . . . . . . . . .. . . . | $(8,000) |
Proceeds from issuance of common shares. . . . . . . . . . .. | 14,200 |
Payments of short-term notes payable. . . . . . . . . . . . . .. | (6,700) |
Payments of long-term notes payable. . . . . . . . . . . . . . .. | (1,350) |
Proceeds from issuance of long-term notes payable. . . . . . | 2,800 |
Requirement 1. Make the journal entrythatPicture Perfectused to record each of these transactions. Beginwith the declaration of dividends. â(Record debitsâ first,then credits. Explanations are notâ required.)
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Now record the payment of the dividends.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Record the proceeds from the issuance of common shares.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Now record the payments ofâ short-term notes payable.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
âLet's record the payments ofâ long-term notes payable.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Record the proceeds from issuance ofâ long-term notespayable.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Related questions
Prepare the journal entry to record Jevonte Companyâs issuanceof 43,000 shares of its common stock assuming the shares havea: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| a. | $2 par value and sell for $21cash per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| b. | $2 stated value and sell for $21 cash per share. Journal Entry Worksheet Record the issuance of 43,000 shares of common stock assumingthe shares have a $2 par value and sell for $21 cash per share.
*Enter debits before credits Journal Entry Worksheet Record the issuance of 43,000 shares of common stock assumingthe shares have a $2 par value and sell for $21 cash per share.
*Enter debits before credits
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Rodriguez Corporation issues 6,000 shares of its common stockfor $63,500 cash on February 20. Prepare journal entries to recordthis event under each of the following separate situations. |
| 1. | The stock has a $4 parvalue. |
| 2. | The stock has neither par norstated value. |
| 3. | The stock has a $2 statedvalue. |
Journal Entry Worksheet
Record the issue of 6,000 shares of $4 par value common stockfor $63,500 cash.
Record the issue of 6,000 shares of no-par, no-stated valuecommon stock for $63,500 cash.
Record the issue of 6,000 shares of $2 stated value common stockfor $63,500 cash.
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|
*Enter debits before credits
Journal Entry Worksheet
Record the issue of 6,000 shares of $4 par value common stockfor $63,500 cash.
Record the issue of 6,000 shares of no-par, no-stated valuecommon stock for $63,500 cash.
Record the issue of 6,000 shares of $2 stated value common stockfor $63,500 cash.
| |||||||||||||||||||||||||
|
*Enter debits before credits
Journal Entry Worksheet
Record the issue of 6,000 shares of $4 par value common stockfor $63,500 cash.
Record the issue of 6,000 shares of no-par, no-stated valuecommon stock for $63,500 cash.
Record the issue of 6,000 shares of $2 stated value common stockfor $63,500 cash.
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*Enter debits before credits
| Match each description 1 through 6 with the characteristic ofpreferred stock that it best describes in the dropdown next to eachdescription.
|
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 11.). Journalize the closing entries. â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)
Start by closing revenues.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (1) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Close expenses for the period.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (2) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Close Income Summary.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (3) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
BrightBright
âSchools, Inc. is authorized to issueâ 200,000 shares of
â$22
par common stock. The company issued
78 comma 00078,000
shares at
$ 6$6
per share. When the market price of common stock was
$ 8$8
perâ share,
BrightBright
declared and distributed a
1010â%
stock dividend.â Later,
BrightBright
declared and paid a
$ 0.30$0.30
per share cash dividend.Read the requirements
LOADING...
.
Requirement 1. Journalize the declaration andthe distribution of the stock dividend.â (Record debitsâ first,then credits. Select the explanation on the last line of thejournal entryâ table.)
âFirst, journalize the declaration of the stock dividend.
Date | Accounts and Explanation | Debit | Credit | ||||
Now journalize the distribution of the stock dividend.
Date | Accounts and Explanation | Debit | Credit | ||
Requirement 2. Journalize the declaration andpayment of the cash dividend.â (Record debitsâ first, then credits.Select the explanation on the last line of the journal entryâtable.)
Begin by journalizing the declaration of the cash dividend.
Date | Accounts and Explanation | Debit | Credit | ||
Now journalize the payment of the cash dividend.
Date | Accounts and Explanation | Debit | Credit | ||
