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.
Transaction General Journal Debit Credit
a.
*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.
Transaction General Journal Debit Credit
b.
*Enter debits before credits
July 15 Declared a cash dividend payableto common stockholders of $170,000. Aug. 15 Date of record is August 15 forthe cash dividend declared on July 15. Aug. 31 Paid the dividend declared onJuly 15.
Prepare journal entries to record the above transactions forEmerson Corporation. (If no journal entry is required,select "No journal entry required" in the first accountfield.)
Journal Entry Worksheet
Record the declaration of a cash dividend payable to commonstockholders.
Record the date of record for the cash dividend.
Record the payment of cash dividend.
Date General Journal Debit Credit
Jul 15
*Enter debits before credits
Journal Entry Worksheet
Record the declaration of a cash dividend payable to commonstockholders.
Record the date of record for the cash dividend.
Record the payment of cash dividend.
Date General Journal Debit Credit
Aug 15
*Enter debits before credits
Journal Entry Worksheet
Record the declaration of a cash dividend payable to commonstockholders.
Record the date of record for the cash dividend.
Record the payment of cash dividend.
Date General Journal Debit Credit
Aug 31
*Enter debits before credits
Murray Company reports net income of $609,500 for the year. Ithas no preferred stock, and its weighted-average common sharesoutstanding is 230,000 shares.
Compute its basic earnings per share. (Leave no cellsblank.)
Basic Earnings Per Share Choose Numerator: / Choose Denominator: = Basic EPS â / = Basic EPS â / = pershare
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.
Transaction General Journal Debit Credit
1
*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.
Transaction General Journal Debit Credit
2
*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.
Transaction General Journal Debit Credit
3
*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.
Description Characteristic 1. Holders of the stock areentitled to receive current and all past dividends before commonstockholders receive any dividends. 2. The issuing corporation canretire the stock by paying a prespecified price. 3. Holders of the stock canreceive dividends exceeding the stated rate under certainconditions. 4. Holders of the stock are notentitled to receive dividends in excess of the stated rate. 5. Holders of this stock canexchange it for shares of common stock. 6. Holders of the stock lose anydividends that are not declared in the current year.
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.
|
Related questions
issued 10,000 shares of? no-par common stock for $11 per share. Read the requirements
Requirement 1a. Record issuance of the stock if the stock is true? no-par stock. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
| Date | Accounts and Explanation | Debit | Credit | ||
| a. | |||||
Requirement 1b. Record issuance of the stock if the stock has stated value of ?$33
per share. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
| Date | Accounts and Explanation | Debit | Credit | ||
| b. | |||||
Requirement 2. Which type of stock issuance results in more total? paid-in capital?
?
Both result in the same amount of paid-in capital.
The no-par stock.
The stock with a stated value of $3 per share.
American Laser, Inc., reported the following account balances on January 1. Accounts Receivable $ 5,000 Accumulated Depreciation 30,000 Additional Paid-in Capital 90,000 Allowance for Doubtful Accounts 2,000 Bonds Payable 0 Buildings 247,000 Cash 10,000 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long-term) 10,000 Retained Earnings 120,000 Treasury Stock 0 The company entered into the following transactions during the year. Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $500 balance due from a customer who went bankrupt.
Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
1
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction.
2
Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction.
3
Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction.
4
Reissued 600 shares of treasury stock for $4,600 cash. Record the transaction.
5
Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Record the transaction.
6
Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Record the transaction.
7
Wrote off a $500 balance due from a customer who went bankrupt. Record the transaction.
8
Prepare the closing entry for Dividends. Record the transaction.
Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances.
UnadjustedPost-closing Unadjusted
Unadjusted
Post-closing
Dates:Jan 01
Jan 01
Jan 31
Jan 01
Jan 31
Jan 15
Jan 31
Feb 15
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Mar 15
Mar 31
Aug 15
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Sep 15
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Oct 01
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Oct 31
to:Oct 03
Jan 01
Jan 31
Jan 01
Jan 31
Jan 15
Jan 31
Feb 15
Feb 28
Mar 15
Mar 31
Aug 15
Aug 31
Sep 15
Sep 30
Oct 01
Oct 03
Oct 31
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