Question

Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for...

Entries for Issuing No-Par Stock

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 315,000 shares of no-par common stock (with a stated value of $4) at $12, and on August 3, it issued for cash 10,000 shares of $90 par preferred stock at $97.

a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Feb. 12
Aug. 3

b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
$

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
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for...
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 290,000 shares of no-par common stock (with a stated value of $2) at $8, and on August 3, it issued for cash 30,000 shares of $65 par preferred stock at $71. a  What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 155,000 shares of no-par...
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 155,000 shares of no-par common stock (with a stated value of $5) at $20, and on August 3, it issued for cash 10,000 shares of $85 par preferred stock at $89. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.
Instructions On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of...
Instructions On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Required: A. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. Refer to the Chart of Accounts for exact wording of account titles....
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par...
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par common stock (with a stated value of $1.20) at $3.10, and on August 3, it issued for cash 15,600 shares of preferred stock, $45 par at $64. Required: A. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. Refer to the Chart of Accounts for exact wording of account titles. B....
ntries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for...
ntries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 285,000 shares of no-par common stock (with a stated value of $4) at $16, and on June 30, it issued for cash 30,000 shares of preferred stock, $85 par at $91. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry,...
Entries for Issuing Stock On January 22, Muir Corporation issued for cash 27,000 shares of no-par...
Entries for Issuing Stock On January 22, Muir Corporation issued for cash 27,000 shares of no-par common stock at $45. On February 14, Muir issued at par 9,000 shares of 8%, $100 par preferred stock for cash. On August 30, Muir Corporation issued for cash 28,000 shares of preferred 8% stock, $100 par at $109. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require...
Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 26,000 shares of no-par...
Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 26,000 shares of no-par common stock at $30. On February 14, Limerick issued at par 7,000 shares of 7%, $60 par preferred stock for cash. On August 30, Limerick Corporation issued for cash 12,000 shares of preferred 7% stock, $60 par at $65. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require...
Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 13,000 shares of no-par...
Entries for Issuing Stock On January 22, Limerick Corporation issued for cash 13,000 shares of no-par common stock at $45. On February 14, Limerick issued at par value 9,000 shares of preferred 8% stock, $75 par for cash. On August 30, Limerick issued for cash 28,000 shares of preferred 8% stock, $75 par at $79. 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...
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued...
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 40,000 shares of $15 par common stock at $51, and on February 27, it issued for cash 150,000 shares of preferred stock, $4 par at $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital)...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT