Record the following journal entries for ABC Corporation on the journal in the provided Student Input Form
Fantastic news! We've Found the answer you've been seeking!
Question:
Record the following journal entries for ABC Corporation on the journal in the provided Student Input Form (Excel file). Use the letter for each as the date. Journal Entries A.
Transcribed Image Text:
Journal Entries A. Issued 1000 shares of $10 par common stock at $11, receiving cash. (6 points) B. Issued $ 20000 of 10 year 10% bonds at a market (effective) interest rate of 9%, with interest payable semiannually. Use the Dollar and Annuity Tables in Appendix A of text book. Round all calculations to the nearest dollar. (6 points) C. Declared a dividend of $0.25 per share on common stock. On date of record, 3200 shares of common stock were outstanding. (3 points) D. Paid cash dividend from (c) above. (2 points) E. Purchased 1200 shares of Jones Company for $10 per share, plus $600 commission. The investment is classified as a trading investment. (3 points) F. Declared a 5% stock dividend on the $10 par common stock when the Market price was $ 25 per share. There were 3200 Shares outstanding. (6 points) G. Distributed the stock dvidends declared in (F). (2 points) (3 points) H. Purchased $5000 of 5% bonds at par. Interest is payable semiannually. I. Purchased 60 shares of treasury common stock for $12 per share. (3 points) Journal Entries A. Issued 1000 shares of $10 par common stock at $11, receiving cash. (6 points) B. Issued $ 20000 of 10 year 10% bonds at a market (effective) interest rate of 9%, with interest payable semiannually. Use the Dollar and Annuity Tables in Appendix A of text book. Round all calculations to the nearest dollar. (6 points) C. Declared a dividend of $0.25 per share on common stock. On date of record, 3200 shares of common stock were outstanding. (3 points) D. Paid cash dividend from (c) above. (2 points) E. Purchased 1200 shares of Jones Company for $10 per share, plus $600 commission. The investment is classified as a trading investment. (3 points) F. Declared a 5% stock dividend on the $10 par common stock when the Market price was $ 25 per share. There were 3200 Shares outstanding. (6 points) G. Distributed the stock dvidends declared in (F). (2 points) (3 points) H. Purchased $5000 of 5% bonds at par. Interest is payable semiannually. I. Purchased 60 shares of treasury common stock for $12 per share. (3 points)
Expert Answer:
Answer rating: 100% (QA)
Answer Transaction General Journal Debit Credit A Cash 11000 Common Stock 10000 Paidin Capital in Ex... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Record the following journal entries for Jordan Hospital, a private hospital. 1. Received contributions for new radiology equipment, $300,000. 2. Purchased investments for long-term portfolio,...
-
For each of the following journal entries 1 through 12, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.) A. To...
-
For each of the following journal entries 1 through 12, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.) A. To...
-
When working as a tax professional, one issue that often arises is the need to provide difficult or disappointing guidance to a client. In the following example, determine the best course of action....
-
The ledger of Chan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the following....
-
What is the overall reliability that bank loans will be processed accurately if each of the 5 clerks shown in the chart has the reliability shown? .95 .95 .95 .95 Smart .95
-
How long would it take for a \(120 \mathrm{~W}\) light bulb to consume \(1 \mathrm{~kW}\) of power? Round your answer to the nearest hour.
-
Hammerhead Paper Company owns a press used in the production of fine paper products. The press originally cost $2,000,000, and it has a current carrying amount of $1,200,000. A decrease in the demand...
-
\f\f\f4. (53,2) Let curve C: .V = '7'. a. Set up the integral that represents the surface area of x-axis revolution of curve C on 0 S x S 2. b. Integrate the result from part (a). NOTE: No point will...
-
Bowman Specialists Inc. (BSI) manufactures specialized equipment for polishing optical lenses. There are two modelsone (A25) principally used for fine eyewear and the other (A10) for lenses used in...
-
A consumer buys two goods, good X and a composite good Y. The utility function is given as U(X,Y)= In3XY. The price of X is Px, the price of Y is Py and Income is I. 1) Derive the demand equation for...
-
Simplify the following union and/or intersection. Answer (-4, 8] n [0, 16) Keyboard
-
The controller of Chittenango Chain Company believes that the identification of the variable and fixed components of the firm's costs will enable the firm to make better planning and control...
-
Larry is paid 8.5% of all sales plus 4.25% of all sales over $6800. Find Larry's gross pay from total sales of $12,300.
-
what ways does normative ethical theory provide a framework for evaluating moral decisions, and how does it interact with applied ethics in real-world contexts ?
-
Prima Corporation acquired 7 0 percent interest in Serumpun Corporation on January 1 , 2 0 2 1 for $ 4 2 0 , 0 0 0 in cash, at which time Serumpun's capital structure consisted of capital stock of $...
-
Ron has created a short, succinct advertisement that focuses only on the superior craftsmanship of his carpentry. Which of the characteristics of the SUCCESS model is this an example of? Group of answ
-
Where are the olfactory sensory neurons, and why is that site poorly suited for their job?
-
How many Hamilton cycles are in the graph? W Complete Graph R
-
Find the number of ways to arrange the letters \(v, w, x, y\), and \(z\).
-
Find the weight of the Hamilton cycle \(m ightarrow 0 ightarrow p ightarrow n ightarrow q ightarrow m\) in the given figure. 5 5, m 3 4 n 8 5' P 5 Weighted Complete Graph with Five Vertices
Study smarter with the SolutionInn App