Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, Can someone help me with this problem please...Regarding Accounting 101 Journalize the following transactions: On January 1, 2014, the Amity Island Swimsuit Company had

Hello, Can someone help me with this problem please...Regarding Accounting 101

Journalize the following transactions:

On January 1, 2014, the Amity Island Swimsuit Company had 10,000 shares of 5%, $100 par, cumulative Preferred Stock authorized with 4,000 shares issued and outstanding. It also had 50,000 shares of $5 par common stock authorized with 15,000 shares issued and outstanding.

Jan 4 Sold 8,000 shares of $5 par common stock for $15 per share.

Jan 17 Sold 2,000 shares of $100 par, 5%, cumulative, preferred stock for $160 per share.

May 12 Purchased 1,200 shares of treasury stock common for $16 per share.

Jun 14 Re-issued 300 of the treasury shares purchased on May 12 for $18 per share.

Jul 18 Issued 2,000 shares of common stock in exchange for legal services. The value of the stock at the time of issue was $17 per share.

Aug 24 Purchased equipment with a fair market value of $120,000 by paying $24,000 in cash, issuing a note payable for $80,000 and issuing 800 shares of $5 par common stock.

Oct 7 Re-issued 400 of the treasury shares purchased on May 12 for $14 per share.

Nov 2 Declared $95,000 in dividends to be paid on December 2 to stockholder

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Blockchain Techonology In Accounting And Auditing

Authors: Prof Oleksandr Melnychenko

1st Edition

1976900328, 978-1976900327

More Books

Students also viewed these Accounting questions

Question

How can we decide what is ethical and what is not in psychology?

Answered: 1 week ago

Question

How did you feel about taking piano lessons as a child? (general)

Answered: 1 week ago