Prepare journal entries of the following transactions of JulietCorporation applying:Exercise 4a. memorandum entry method, andb. journal entry method.1. February 1, 20xx; Juliet Corporation received its certificate of incorporation fromSEC. Juliet Corporation is authorized to issue 100,000 ordinary shares with parvalue of P100pershare.2. Sold for cash 27,000 shares at parvalue.StockholderNo. of SharesJuliet17,000 sharesRomeo2,500 sharesMa. Clara2,500 sharesIbarra2,500 sharesMaganda2,500 shares3. Issued 10,000 shares for Land received from Malakas. The fair market value ofthe land is P1,100,000.4. Received subscription for 8,000 shares at par from Josephine who made partialpayment of P125,000.5. Received full payment from Josephine.6. Received subscription for 5,000 shares at P102.50 per share from Jose who madepartial payment of 50%.7. Received 50% of the subscription contract from Jose.

Journal entries are prepared in the book in a systematic manner by adhering to the double-entry…

Answered: Exercise 4 Prepare journal entries of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9EB: Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction...

See similar textbooks

Similar questions

During its first year of operations, Easten Data Links Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 8 million common shares, S1 par per share, and 1 million preferred shares, $50 par per share. E 18-5 Issuance of shares; noncash consideration Required: • LO18-4 Prepare the appropriate journal entries to record each transaction. Sold 2 million common shares, for $9 per share. Issued 40,0000 common shares to attorneys in exchange for legal services. Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000. Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000. Feb. 12 13 13 Nov. 15
Direction: a. Prepare the entries using the memorandum entry method. b. Give the total number of shares issued, paid in capital at par, additional paid in capital. 5. Prepare the journal entries to record each of the following transactions under the memorandum entry method and present the shareholders' equity section: Feb. 1 Best Securities Corporation was granted by the SEC to issue 1,000,000 shares of stocks at a par value of P10 after it submitted its Articles of Incorporation providing among others a required down payment of at least 30% with the balance to be paid within three months. The articles mentioned four incorporators who subscribed 75,000 shares each at par. A and B gave a down payment of 20% while C and D gave 50%. 14 Best Securities Corporation sold for cash 160,000 ordinary shares at P12 per share to various shareholders. Mar. 14 Gonzalo Enterprises received 320,000 ordinary shares from Best Securities Corporation in exchange for land with a cost of P1, 750,000 but…
The journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızing the corporation includes a credit to O a. Organizational Expenses O b. Goodwill O c. Common Stock O d. Cash
Exercise During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value, and 1 million preferred stock , OMR 50 par value. Required : Prepare the appropriate journal entries to record each transaction. Feb. 12 sold 2 million common stock for OMR 9 per share 12 issued 40,000 common stock to attorneys in exchange for building. 13 sold 80,000 of its common stock and 4,000 preferred stock for a total of OMR 945,000
The entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organizing the corporation includes a credit to Oa. Organizational Expenses. b. Cash. c. Goodwill. d. Common Stock. 4:07 PM 12/20/2019
The charter of a corporation provides for the issuance of 115,494 shares of common stock. Assume that 43,963 shares were originally issued and 4,399 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? Oa. $115,494 Ob. $79,128 Oc. $4,399 Od. $43,963
The charter of a corporation provides for the issuance of 113,026 shares of common stock. Assume that 37,231 shares were originally issued and 3,999 were subsequently reacquired. What is the amount of cash dividends to be paid if a $4 per share dividend is declared? Oa. $15,996 Ob. $148,924 Oc. $452,104 Od. $132,928 Previous Next
The charter of a corporation provides for the issuance of 94,546 shares of common stock. Assume that 41,432 shares were originally issued and 3,112 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? Oa. $3,112 Ob. $41,432 Oc. $76,640 Od. $94,546
on the preference shares. The net income for the current 1. What amount should be reported as basic earnings per issued 500,000 preference shares which were convertible into 2,000,000 ordinary shares outstanding. On July 1, the entity Problem 20-14 (IAA) During the year, the entity declared and paid P1,000,000 cash dividend on the ordinary shares and P800,000 cash dividend A the beginning of current year, Frown Company had S000,000 ordinary shares outstanding. On July 1, the entity 300,000 ordinary shares. Year was P6,500,000. share? a. 2.85 b. 3.25 С. 2.35 d. 2.25 per share? а. 2.85 b. 3.02 с. 2.83 d. 1.75 633
XYZ Ltd issued 2,000,000 ordinary shares of Sh. 20 at Sh. 23 payable as follows: On application sh 10, On first call and final call sh 3. All the monies were duly received. Required Prepare an open journal entries to record the above transactions Prepare ledger accounts Extract a balance sheet
SICO Co. has 8,000 shares issued and outstanding. The per-share par value is $1.5; book value $40 and market value is $52. 8% stock dividend is declared. Instruction: Prepare the journal entries related to: 1- Date of declaratlon. 2- Date of payment. Essay Toolbar navigation BI U S A
Item Nos. 12 and 13 are based on the following information:ddet01oM mat Bravo Company was organized at the beginning of this year with dones authorized capital of 100,000 ordinary shares with a par value of P 200 per hatini share. During the year, Bravo had the following transactions affecting the shareholders' equity: 01 Fon Jan. 10 Issued 25,000 shares at P 220 per share. .000 Mar. 25 Issued 1,000 shares for legal services when the fair value was P 240 per share. dw.or Sep. 30 Issued 5,000 shares for a tract of land when the fair value was P 260 per share.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS