Question

Stated Value, Common and Preferred Stock, and Noncash Assets 1. Prepare general journal entries for these...

Stated Value, Common and Preferred Stock, and Noncash Assets

1. Prepare general journal entries for these transactions, identifying each by letter.

If an amount box does not require an entry, leave it blank.

Kris Kraft Stores had the following stock transactions during the year:

(a) Issued 4,100 shares of no-par common stock with a stated value of $10 per share for $41,000 cash.
(b) Issued 6,300 shares of no-par common stock with a stated value of $8 per share for $52,490 cash.
(c) Issued 5,100 shares of no-par, 6% preferred stock with a stated value of $15 per share for $76,500 cash.
(d) Issued 10,200 shares of $5 par common stock for land with a fair market value of $51,000.
(e) Issued 10,300 shares of $7 par common stock with a $9 fair market value for a building with an uncertain fair market value.
(f) Issued 7,700 shares of $50 par, 8% preferred stock for land with a fair market value of $389,640.

1. Prepare general journal entries for these transactions, identifying each by letter.

If an amount box does not require an entry, leave it blank.

Page:  
DATE ACCOUNT TITLE DOC.
NO.		 POST.
REF.		 DEBIT CREDIT
1 a. 1
2 2
3 3
4 b. 4
5 5
6 6
7 7
8 c. 8
9 9
10 10
11 d. 11
12 12
13 13
14 e. 14
15 15
16 16
17 17
18 f. 18
19 19
20 20
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal entries :

No Account and explanation Post ref Debit Credit
a cash 41000
Common Stock 41000
(To record common Stock)
b Cash 52490
Common Stock 50400
Paid in capital in excess of stated value-Common Stock 2090
(To record common Stock)
c Cash 76500
Preferred stock (5100*15) 76500
(To record preferred stock)
d Land 51000
Common Stock 51000
(To record common Stock)
e Building (10300*9) 92700
Common Stock 72100
Paid in capital in excess of par value-Common Stock 20600
(To record common Stock)
f Land 389640
Preferred stock 385000
Paid in capital in excess of par value-Preferred stock 4640
(To record preferred stock)
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
Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20--...
Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20-- for Various Corporations: (a) Issued 6,300 shares of $10 par common stock for $63,000 cash. (b) Issued 3,700 shares of $10 par common stock for $50,600 cash. (c) Issued 5,300 shares of no-par common stock for $58,500 cash. (d) Issued 3,700 shares of no-par common stock for $38,900 cash. (e) Issued 6,300 shares of no-par common stock with a stated value of $8 per...
Prepare entries to record the following: a. Issued 1,000 shares of $15 par common stock at...
Prepare entries to record the following: a. Issued 1,000 shares of $15 par common stock at $54 for cash. If an amount box does not require an entry, leave it blank. Cash Common Stock Paid-In Capital in Excess of Par-Common Stock b. Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000. If an amount box does not require an entry, leave it blank. Equipment Common Stock c. Purchased 100 shares of...
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a...
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $17, and on May 15, it issued for cash 2,000 shares of $17 par preferred stock at $61. 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.
Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000...
Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares of $10 par common stock. Journalize the following transactions. a. On January 2, Wonder Sales issues 5,000 shares of preferred stock for $110 per share and 65,000 shares of common stock at $10 per share. If an amount box does not require an entry, leave it blank. Jan. 2 b. On January 25, Wonder Sales issued 250 shares of preferred stock to a...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 1% preferred stock, $75 par and 500,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. cash/common stock/organizational expenses/paid-in capital in excess of par-common stock/preferred stock/retained earnings/land/paid-in capital in excess of par preferred stock/equipment/ July. 1. Issued 120,000 shares of common...
13-8 Workplace Products Inc., a wholesaler of office products, was organized on July 1 of the...
13-8 Workplace Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 750,000 shares of $7 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. a. Jul. 1. Issued 400,000 shares of common stock at par for cash. b. Jul. 1. Issued 1,000 shares of common stock at par to an attorney...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of...
Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 4% stock, $60 par and 700,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 95,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 500 shares of common stock at par to an...
13 08 Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on...
13 08 Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 1% preferred stock, $50 par and 400,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 75,000 shares of common stock at par for cash. July. 1 July. 1 Issued 550 shares of common stock at...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 125,000 shares of 1% preferred stock, $75 par and 450,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 115,000 shares of common stock at par for cash. July. 1 July. 1 Issued 650 shares of common stock at par to...
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a...
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 shares of 1%, $60 par preferred stock at par for cash. On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70. Required: Journalize the entries to record the February 13, September 9, and November 23 transactions. If an amount box does not require...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT