On January 22, Muir Corporation issued for cash 24,000 shares of no-par common stock at $45. On February 14, Muir issued at par value 6,000 shares of preferred 6% stock, $50 par for cash. On August 30, Muir issued for cash 30,000 shares of preferred 6% stock, $50 par at $57. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Jan. 22 Feb. 14 Aug. 30

On January 22, Muir Corporation issued for cash 24,000 shares of no-par common stock at $45. On February 14, Muir issued at par value 6,000 shares of preferred 6% stock, $50 par for cash. On August 30, Muir issued for cash 30,000 shares of preferred 6% stock, $50 par at $57. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Jan. 22 Feb. 14 Aug. 30

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
On January 22, Erin Corporation issued for cash 12,000 shares of no-par common stock at $45. On February 14, Erin issued at par value 5,000 shares of preferred 8% stock, $100 par for cash. On August 30, Erin issued for cash 16,000 shares of preferred 8% stock, $100 par at $108. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank.
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the 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 O for the amounts.)
Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $13 per share. In addition, Riverbed Island issued 2,400 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the 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 April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) Debit Credit
On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $5) at $16, and on May 15, it issued for cash 5,000 shares of $18 par preferred stock at $60. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 10 - Select - - Select - - Select - - Select - - Select - - Select - May 15 - Select - - Select - - Select - - Select - - Select - - Select -
On January 22, Ireland Corporation issued for cash 20,000 shares of no-par common stock at $25. On February 14, Ireland issued at par value 5,000 shares of preferred 3% stock, $80 par for cash. On August 30, Ireland issued for cash 20,000 shares of preferred 3% stock, $80 par at $89. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 - Select - - Select - - Select - - Select - Feb. 14 - Select - - Select - - Select - - Select - Aug. 30 - Select - - Select -
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