Question

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 Morton Law Firm for settlement of a $36,000 invoice for incorporation services. If an amount box does not require an entry, leave it blank.

Jan. 25

c. On January 31, Wonder Sales issues 500 shares of common stock to Setup Inc. for fixtures that have a fair market value of $8,500. If an amount box does not require an entry, leave it blank.

Jan. 31
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
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...
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 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...
On January 22, Shamrock Corporation issued for cash 12,000 shares of no-par common stock at $50....
On January 22, Shamrock Corporation issued for cash 12,000 shares of no-par common stock at $50. On February 14, Shamrock issued at par 7,000 shares of 3%, $75 par preferred stock for cash. On August 30, Shamrock Corporation issued for cash 23,000 shares of preferred 3% stock, $75 par at $80. 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 an entry, leave it...
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...
Metlock, Inc. is authorized to issue 12000 shares of 9%, $100 par value preferred stock and...
Metlock, Inc. is authorized to issue 12000 shares of 9%, $100 par value preferred stock and 480000 shares of no-par common stock with a stated value of $1 per share. If Metlock issues 5500 shares of preferred stock for land with an asking price of $687500 and a market value of $632500, which of the following would be the best journal entry for Metlock to record? Land 550000 Preferred Stock 550000 Land 632500 Preferred Stock 632500 Land 687500 Preferred Stock...
Angie’s Antiques Inc. is authorized to issue 100,000 shares of $100 par value, 5% cumulative preferred...
Angie’s Antiques Inc. is authorized to issue 100,000 shares of $100 par value, 5% cumulative preferred stocked and 100,000 shares of $1 par value common stock. See the following transactions that occurred during the year:             Jan 18: Issued for cash 30,000 shares of common stock at $10 per share.             Feb 14: Issued 4,000 shares of preferred stock for $400,000.             Sept 20: Declared dividends on preferred stock of $5 per share.             Dec 18: Paid cash dividend declared...
Entries for Issuing Par Stock On January 14, Peerless Rocks Inc., a marble contractor, issued for...
Entries for Issuing Par Stock On January 14, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $24 par common stock at $82, and on March 17, it issued for cash 150,000 shares of $8 par preferred stock at $12. a. Journalize the entries for January 14 and March 17. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 14 Mar. 17 b. What is the total amount invested...
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.
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)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT