× M work on second floor doster Homework 11 Employee-myBama C ezto.mheducation.c

Question

× M work on second floor doster Homework 11 Employee-myBama C ezto.mheducation.com/hm.tpx AppsThe University of Ala-" Home-JNJ Apparel P Pandora Internet Ra." N Netflix e) LIKEtoKNOw.it UABox velue 11.00 points Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selectec transactions occurred a. Collected $30 cash per share from four individuals and issued 4,000 shares of common stock to each. b. Issued 5,000 shares of common stock to an outside investor at $30 cash per share. c. Issued 7,000 shares of preferred stock at $15 cash per share. Required: 1. Prepare the journal entries indicated for each of these transactions. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the issuance to four individuals of 4,000 shares each of common stock with no par value for a price of $30 per share. Note: Enter debits before credits. Transa General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1.

2. Balance sheet (Partial):

Transaction General journal Debit Credit A. Cash(4000×$30×4) $480,000 Common stock $480,000 B. Cash(5000×30) $150,000 Common stock $150,000 C. Cash(7000×$15) $105,000 Preferred stock(7000×$10) $70,000 Additional paid in capital-preferred(7000×$5) $35,000

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.