On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. If there are multiple debits or multiple credits, list the account titles in alphabetical order.

On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. If there are multiple debits or multiple credits, list the account titles in alphabetical order.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 8EA: Maddie Inc. has the following transactions for its first month of business. A. What are the...

See similar textbooks

Similar questions

Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
Marigold Co. had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Date Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Mar. 2 June 12 July 11 Issued 4,000 shares of $5 par value common stock to attorneys in payment of a bill for $24,700 for services performed in helping the company to incorporate. Nov. 28 Issued 62,800 shares of $5 par value common stock for cash of $387,400. Issued 1,975 shares of $100 par value preferred stock for cash at $140 per share. Purchased 1,560 shares of treasury stock for $76,500. Account Titles and Explanation Organization Expense Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid-in Capital in Excess of Stated…
Oriole Company had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Purchased 2,500 shares of treasury stock for $100,000. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Mar. 2 June 12 Issued 4,600 shares of $5 par value common stock to attorneys in payment of a bill for $27,600 for services performed in helping the company to incorporate. Issued 66,500 shares of $5 par value common stock for cash of $415,625. Issued 1,200 shares of $100 par value preferred stock for cash at $108 per share. July 11 Nov. 28 Account Titles and Explanation Debit Credit
Required: The following are the transactions of Spotlighter, Incorporated, for the month of January. For each transaction, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,040 from a local bank on a note due in six months. b. Received $5,730 cash from investors and issued common stock to them. c. Purchased $2,100 in equipment, paying $750 cash and promising the rest on a note due in one year. d. Paid $850 cash for supplies. e. Bought and received $1,250 of supplies on account. a. b. C. C. d. d. e. Cash Assets 5,040 Notes Payable (short-term) = = Liabilities = + 5,040 + + + + + + + Stockholders' Equity
On August 1, Pharoah Company buys 1,000 shares of BCN common stock for $32,000 cash. On December 1, the stock investments are sold for $33,900 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Required: The following are the transactions of Spotlighter, Incorporated, for the month of January. For each transaction, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,040 from a local bank on a note due in six months. b. Received $5,730 cash from investors and issued common stock to them. c. Purchased $2,100 in equipment, paying $750 cash and promising the rest on a note due in one year. d. Paid $850 cash for supplies. e. Bought and received $1,250 of supplies on account. PARAPEP Seved Cash Assets Liabilities 5,040 Notes Payable (short-term) 5,040 . Help Save & Exit Submit Check my work Stockholders' Equity
You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15 GENERAL JOURNAL ACCOUNTING EQUATION DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,062,060.00 ↑ 2 Premium on Bonds Payable 62,060.00 ↑ 3 Bonds Payable 1,000,000.00 ↑ 4 Jun. 30 Interest Expense 19,397.00 ↓ 5 Premium on Bonds Payable 3,103.00 ↓ 6 Cash 22,500.00 ↓ 7 Jul. 1 Cash 1,921,280.00 ↑ 8 Discount on Bonds Payable 78,720.00 ↓…
You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15 GENERAL JOURNAL ACCOUNTING EQUATION DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,062,060.00 ↑ 2 Premium on Bonds Payable 62,060.00 ↑ 3 Bonds Payable 1,000,000.00 ↑ 4 Jun. 30 Interest Expense 19,397.00 ↓ 5 Premium on Bonds Payable 3,103.00 ↓ 6 Cash 22,500.00 ↓ 7 Jul. 1 Cash 1,921,280.00 ↑ 8 Discount on Bonds Payable 78,720.00 ↓…
Required: The following are the transactions of Spotlighter, Incorporated, for the month of January. For each transaction, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $4,940 from a local bank on a note due in six months. b. Received $5,630 cash from investors and issued common stock to them. c. Purchased $2,000 in equipment, paying $700 cash and promising the rest on a note due in one year. d. Paid $800 cash for supplies. e. Bought and received $1,200 of supplies on account. a. Cash b. C₁ C. d. d. e. Assets 4,940 Notes Payable (short-term) = = ||||||| = Liabilities = 4,940 + + + + + +
= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,008,960.00 ↑ 2 Premium on Bonds Payable 58,960.00 ↑ 3 Bonds Payable 950,000.00 ↑ 4 Jun. 30 Interest Expense 18,427.00 ↓ 5 Premium on Bonds Payable 2,948.00 ↓ 6 Cash 21,375.00 ↓ 7 Jul. 1 Cash 1,729,164.00 ↑ 8 Discount on Bonds Payable 70,836.00 ↓ 9…
Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. An investor invests an additional $25,000 into a company receiving stock in exchange. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. An electric bill was received for $35. Payment is due in thirty days Part-time workers earned $750 and were paid. The electric bill in “C” is paid.