On March 1, 2021, Rippin Corporation began operations and issued 7,900 shares of its $5 par...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On March 1, 2021, Rippin Corporation began operations and issued 7,900 shares of its $5 par value common stock to shareholders for $24 per share. Rippin Corporation received cash. What journal entry should Rippin Corporation record for this transaction on March 1, 2021? Account No Journal Entry Required Debit Credit On March 1, 2021, Rippin Corporation began operations and issued 7,900 shares of its $5 par value common stock to shareholders for $24 per share. Rippin Corporation received cash. What journal entry should Rippin Corporation record for this transaction on March 1, 2021? Account No Journal Entry Required Debit Credit
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Case 1.2: The Hokies Lunch Group This Case Study follows three friends as they meet three separate times to have lunch. At each luncheon the discuss the status of their assigned projects. Each...
-
Using this link, watch the short video lecture and write a short summary of your thoughts . How does this information relate to our profession?...
-
Colt Division had the following results for the year just ended: Sales..................................$750,000 Contribution margin ..................300,000 Controllable...
-
A cumulative frequency distribution is constructed from a frequency distribution by replacing each frequency with the sum of the frequency of the given class and the frequencies of all classes above...
-
The post-closing trial balance for Perrault Music Co. follows: The subsidiary ledgers contain the following information: 1. Accounts Receivable-S. Armstrong, $6,500; IL Goge, $30,000; B. La S1,500 2....
-
Assume that locational arbitrage ensures that spot exchange rates are properly aligned. Also assume that you believe in purchasing power parity. The spot rate of the British pound is $1.80. The spot...
-
At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December...
-
4 In 2020 FY Co. decided to change to the FIFO method for inventory . The Cost of Goods Sold in 1919 was $300,000 under LIFO. Under FIFO it would have been $250,000 In 2020 under FIFO Cost of Goods...
-
You observe that the spot price of the Swiss franc (CHF) is 1.14 USD/CHF, and that the 1 year forward rate is 1.07 USD/CHF. What is the percent forward premium? Enter answer as percent, accurate to 2...
-
MediSecure, Incorporated, uses the FIFO method of process costing. It produces clear plastic containers for pharmacies in a process that starts in the Molding Department. Data concerning that...
-
Nike Sweatshops: Beyond the Swoosh is a documentary that tells a narrative of a former soccer coach at St. John's who gets involved in the fight against the exploitation of workers in Indonesia by...
-
How do database administrators employ advanced monitoring and tuning techniques such as query optimization, index tuning, and buffer pool management to enhance the performance and resource...
-
You are asked to go to a grade 8 class to give a talk about nuclear energy and its role in battling climate change. The teacher of the class asks that you explain to his / her class why nuclear...
-
A cyclist rides at an average speed of 24 miles per hour. If shewants to bike 180 km, how long (in hours) must she ride? Expressyour answer using two significant figures
-
Clancy's Motors has the following demand to meet for custom manufactured fuel injector parts. Period (weeks) Gross requirements 1 2 3 4 5 6 7 8 9 15 20 10 25 Lead time = 1 week; Setup cost = $200;...
-
Which property determines whether a control is available to the user during run time? a. Available b. Enabled c. Unavailable d. Disabled
-
International Hotels operates many hotels throughout the world. One of its hotels is facing difficult times because several new competing hotels are opening. To accommodate its flight personnel, Air...
-
Logan Furniture Company manufactures living room furniture through two departments: Framing and Upholstering. Materials are entered at the beginning of each process. For May, the following cost data...
-
Tim Hortons purchases and roasts highquality whole bean coffees and sells them, along with other coffee-related products, primarily through its company-operated retail stores. The company is known...
Study smarter with the SolutionInn App