Journalize the transactions. Mar. 2 June 12 July 11 Nov. 28 Date 3/2/22 6/12/22 7/11/22 1/10/22 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate. Issued 60,000 shares of $5 par value common stock for cash of $375,000. Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Purchased 2,000 shares of treasury stock for $80,000. Account Debit Credit
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- 7. On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. shoed up the following balances. Debit Credit • Retained Earnings Subscribed Ordinary Shares, 2 000 shares P1 550 000 100 000 • Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary • Subscriptions Receivable Share Premium-Treasury • Organization Expense 600 000 1 500 000 1 350 000 P 120 000 280 000 200 000 Share Premium-Preference 850 000 • Ordinary Shares, P50 par • Donated Capital Treasury Stock, 450 shares at 2 500 000 590 000 40 000 Cost Dimaculangan was authorized by its articles of incorporation to issue 500 000 shares of P50 par ordinary shares and 25 000 shares of P100 par cumulative nonparticipating preference shares. Note that the subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of…A corporation issued 180 shares of ts $5 par value common stock an payment of a $2600 charge fom es accountant for assistance in fing its chater with the state The entry to tecned this transaction will include Multole Choice O AS2600 cedt to Comoe Stock AS200 debit to Lroa Expenses AS00 creotto Pidn Ceptal n Ecess f r Vae Conmon Stoo A S2600 orat to Cnh. AS00 ortit to Oroannon ErpensesXYZ Ltd issued 2,000,000 ordinary shares of Sh. 20 at Sh. 23 payable as follows: On application sh 10, On first call and final call sh 3. All the monies were duly received. Required Prepare an open journal entries to record the above transactions Prepare ledger accounts Extract a balance sheet
- 2. The sale of 100 shares of stock for $8,500 by the Sims Corporation is recorded as a credit to which account? InbunaThe entry to record the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organizing the corporation includes a credit to Oa. Organizational Expenses. b. Cash. c. Goodwill. d. Common Stock. 4:07 PM 12/20/2019Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Issued 5,200 common shares to its legal counsel in payment of a bill for $31,200 for services performed in helping the company incorporate. Issued 62,400 common shares for $390,000 cash. Issued 1,040, $3 noncumulative preferred shares at $110 per share cash. Issued 2,080, $3 noncumulative preferred shares at $95 per share cash. 4 Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
- Question 3:.. CL03 A. The following selected transactions pertain to L. Lewis Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $25 per share. Feb. 10 Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. L. Lewis Corporation's common stock has been actively traded on the stock exchange at $30 per share. Date Account title Debit Credit31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…Mainland Resources Inc. began operations on June 5, 2023. 2823 June 5 Gave 4,808 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,900. 15 Received $23 cash per share for the issuance of 79,988 common shares. 16 issued 10,eee preferred shares for cash of 343 per share. 17 8,889 common shares were issued to a creditor who was owed $134,000. 18 The board of directors declared a cash dividend of $19,508 on the preferred shares and $5,480 on the common shares to shareholders of record on June 28, payable July 1. 38 154,000 common shares were issued in exchange for machinery with a fair market value of $2,818,eee. The shares were actively trading on this date at $17.88 per share.. July 1 the dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list Journal entry…
- The journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızing the corporation includes a credit to O a. Organizational Expenses O b. Goodwill O c. Common Stock O d. CashOn September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 brokerage commission. This was less than 20% ownership in the stock of M Company. On September 1, when recording the journal entry for this transaction, what account would be credited and for what amount for the acquisition of the 1,500 shares of M Company stock? Journal DATE DESCRIPTION PREF DEBIT CREDIT Sept. 1 (?) (?) Credit Investments-M Company Stock, $36,040 Credit Cash, $36,040 Credit Investments-M Company Stock, $36,000 Credit Cash, $36,0001. Refer to additional information (b) only Prepare the following general ledger accounts for the year ended 31 July 2022: •Bank •Application and allotment •Share Capital- Class A •Non Current Liability- Class C 2. Refer to additional information (c) Calculate the number of Class B shares in issue at the beginning of the financial year. 3. Refer to additional information (d) Prepare the dividends and shareholders for dividends accounts as it would appear in the general ledger for the year ended 31 July 2022