Question

Sushi Corporation received its charter and began business in 2020. The company was authorized to issue...

Sushi Corporation received its charter and began business in 2020. The company was authorized to issue 100,000, $5, cumulative, preferred shares and 500,000 common shares. Prepare journal entries to record the following transactions that occurred during 2020:

Apr-05 Sold 5,000 common shares for $15 per share.
May-14 Issued 750 common shares in exchange for legal services worth $11,250 relating to organization of the corporation.
Jun-23 Sold 250 preferred shares for $24 per share, cash.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Witt Corporation received its charter during January of this year. The charter authorized the following stock:...
Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 22,700 shares authorized Common stock: $9 par value, 50,500 shares authorized During the year, the following transactions occurred in the order given: a. Issued a total of 39,800 shares of the common stock at $13 cash per share. b. Sold 7,500 shares of the preferred stock at $17 cash per share. c. Sold 3,300 shares of the...
Problem #1: On April 21, 2017, Alligator Corporation received a charter granting the right to issue...
Problem #1: On April 21, 2017, Alligator Corporation received a charter granting the right to issue 100,000 shares of $100 par value, 6% cumulative and nonparticipating preferred stock, and 1,000,000 shares of $1 par value common stock. It then Apr. 28   Issued 100,000 shares of common stock at $23 per share. Jul. 16   Issued 6,000 shares of preferred stock to Thevenot Corporation for the following assets: equipment with a fair value of $76,000; a warehouse with a fair value of...
A company is authorized to issue 10,000 shares of $150 par value, 9%, cumulative, fully participating...
A company is authorized to issue 10,000 shares of $150 par value, 9%, cumulative, fully participating preferred stock and 500,000 shares of $10 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: (10 Points) March 15 Exchanged 750 shares of preferred stock for land with a market value of $125,000. August 2 Sold 250 shares of preferred stock for $150 cash per share. November 12 Sold 1,000...
Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common...
Whyville Corporation obtained its charter from the state in January that authorized 500,000 shares of common stock, $1 par value. During the first year, the company earned $55,000 and the following selected transactions occurred in the order given: a. Issued 170,000 shares of the common stock at $20 cash per share. b. Reacquired 4,700 shares at $21 cash per share to use as stock incentives for senior management. - do journal entries for a & b - balance sheet
Indigo Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue...
Indigo Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were completed during the first year: Feb. 10 Issued 81,000 common shares at $5.00 per share. Mar. 1 Issued 5,100 preferred shares at $114 per share. Apr. 1 Issued 21,900 common shares for land. The land's asking price was $121,500 and its appraised value was $109,500. June 20 Issued...
[The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized...
[The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 81,000 shares of $6 par common stock and 19,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2016   Jan. 5 Sold 12,150 shares of the $6 par common stock for $8 per share. 12 Sold 1,900 shares of the 8 percent preferred stock for $135 per share....
Mendoza Corporation was organized on January 1, 2020. It is authorized to issue 20,000 shares of...
Mendoza Corporation was organized on January 1, 2020. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10   Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1   Issued 10,000 shares of preferred stock for cash at $55 per share. Apr.   1   Issued 25,000 shares...
Berlin Corporation was organized on January 1, 2020, with 400,000 no par value common shares authorized....
Berlin Corporation was organized on January 1, 2020, with 400,000 no par value common shares authorized. During 2020, the corporation had the following share transactions:            Jan 5             Issued 150,000 shares at $ 10 per share            Apr 6             Issued 50,000 shares at $ 12 per share            Jun 8            Issued 50,000 shares at $ 14 per share            Jul 28 Repurchased 20,000 shares at $ 11 per share and cancelled them    Dec 31 Issued 20,000 shares at $ 18...
Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of...
Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 475,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 84,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,050 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 24,000 shares...
The following information was obtained from Rando Corporation records on December 31, 2019. Preferred Shares, $3...
The following information was obtained from Rando Corporation records on December 31, 2019. Preferred Shares, $3 cumulative*, 25,000 shares authorized and outstanding $450,000 Common Shares, unlimited authorization, 180,000 shares outstanding $500,000 Retained Earnings $760,000 *no dividends have been declared in 2019 and 2020 Assume the following share transactions occurred in 2020: Apr 1 Issued 120,000 common shares at $13.00 per share. Oct 1 Repurchased and cancelled 60,000 common shares at $15.00 per share. ) Calculate the weighted average of common...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT