Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do i indicate the accounts that are increased/or decreased in the transactions for Halpern? Halpern Corporation is authorized to issue 1,000,000 shares of $3

How do i indicate the accounts that are increased/or decreased in the transactions for Halpern?

Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the company has the following stock transactions.

Jan. 1Paid the state $5,000 for incorporation fees.

Jan.15Issued 500,000 shares of stock at $6 per share.

Jan.30Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000.

July2Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.

Sept.5Purchased 15,000 shares of common stock for the treasury at $8 per share.

Dec.6Sold 11,000 shares of the treasury stock at $11 per share.

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

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

6th edition

1259864235, 1259864230, 1260159547, 126015954X, 978-1259864230

More Books

Students also viewed these Accounting questions