Team Spirit Inc issues 240,000 common shares for $ ( $ 5 ) per share The journal entry is a Cash 240,000 Common Shares 240,000 b Cash 1,200,000 Common Shares 240,000 Gain on the Sale of Shares 960,000 c Cash 1,200,000 Common Shares 1,200,000 d Cash 1,200,000 Common Shares 480,000 Contributed Surplu...

The Answer is in the image, click to view ...

Team Spirit Inc. issues 240,000 common shares for $ ($ 5) per share. The journal entry is:

Question:

Team Spirit Inc. issues 240,000 common shares for \$ $\$ 5$ per share. The journal entry is: image text in transcribed

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780135433065

7th Canadian Edition

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

See More Books

Question Posted: May 10, 2024 04:00 AM

See More Questions

(Multiple-Choice) 1. Which of the following is a characteristic of a corporation? a. No income tax b. Mutual agency c. Limited liability of stockholders d. Both a and b 2. Home Team, Inc., issues...
(Multiple-Choice) 1. Which of the following is a characteristic of a corporation? a. No income tax b. Mutual agency c. Limited liability of stockholders d. Both a and b 2. Home Team, Inc., issues...
(Multiple-Choice) 1. Which of the following is a characteristic of a corporation? a. No income tax b. Mutual agency c. Limited liability of stockholders d. Both a and b 2. Home Team, Inc., issues...
A dipole of 6.6 nC point charges arranged 0.16 cm apart is centered at the origin and oriented along the x-axis. The positive charge is on the negative x axis. How m energy is required to place a...
An array of four charges is arranged along the x -axis at intervals of 1.0 m. (a) If two of the charges are + 1.0Î¼C and two are 1.0Î¼C, draw a configuration of these...
What is a Cash Flow Statement? What is the main purpose of such a statement?
Decision Trees Ang Electronics has developed a new wearable ring that continually checks blood pressure during the day. If the ring is successful, the present value of the payoff (when the product is...
The cost of capital for a firm is 10 percent. The firm has two possible investments with the following cash inflows: a. Each investment costs $480. What investment(s) should the firm make according...
Assignment-4a: Below is the Unadjusted Trial Balance of Leonardo DaVinci business for the year ending on Dec 31, 2021 with some additional information. You will have to carry out the following tasks....
Which of the following is true about stated value? a. It represents what a share is worth. b. It represents the original selling price for a share. c. It is established for a share after it is...
Which of the following is a characteristic of a corporation? a. Mutual agency b. No income tax c. Limited liability of shareholders d. Both a and b
The straight line depreciation equation for a car is y = 2,680x + 26,800. a. How much is the car worth after 48 months? b. How much is the car worth after 75 months? c. Suppose that M represents the...
| Variance analysis, multiple products. The Robin's Basket operates a chain of Italian gelato stores. Although the Robin's Basket charges customers the same price for all flavors, production costs...
Question 31 of Your local coffee shop is extremely busy, so the cashier asks what you'd like to order and your name. The cashier writes this information onto a cup and passes it to the barista. After...
Find SSR = xy Rx+1 -dA, R= [0,2] x [4,4] Round your answer to four decimal places.
Everyone at some point has had issues with time management and procrastination in their work life, academic life and social life. How have you been handling time management issues in your life? Have...
You want to make three peanut butter and jelly sandwiches. What is the best way to make them that's consistent with an agile mindset? Create a sandwich assembly line, applying all the peanut butter...
List and define the informational managerial leadership roles.
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2019 appear below. Net income of ¬34,000 was reported, and dividends of ¬23,000 were paid...
Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of Hawkins Company had a cost of $71,000 and a retail value of $106.000. During August, merchandise was...
Prepare entries to record the following: a. Issued 1,000 shares of $15 par common stock at $54 for cash. If an amount box does not require an entry, leave it blank. Cash Common Stock Paid-In Capital...
Linda purchased a cottage in 1984 for $62,000; on February 22, 1994, it was valued at $126,000. On her 1994 tax return, Linda elected to make use of her remaining lifetime capital gains exemption in...

Team Spirit Inc. issues 240,000 common shares for $ ($ 5) per share. The journal entry is:

Question:

a. Cash..... 240,000 Common Shares. 240,000 b. Cash...... 1,200,000 Common Shares. 240,000 Gain on the Sale of Shares... 960,000 c. Cash...... 1,200,000 Common Shares 1,200,000 d. Cash........ 1,200,000 Common Shares....... 480,000 Contributed Surplus on Common Shares 720,000

Step by Step Answer:

Financial Accounting

Students also viewed these Business questions