Question 27 Novak Corp issued 1200 shares of no par common stock for $7200 Which of the following journal entries would be made if the stock has stated value of $2 per share Cash 7200 Common Stock 2400 Paid in Capital in Excess of Par 4800 Cash 7200 Common Stock 7200 Common Stock 7200 Cash 7200 Cash 7200 Common Stock 2400 Paid in Capital in Excess of Stated Value 4800

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

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 14, 2024

Question 27 Novak Corp. issued 1200 shares of no-par common stock for $7200. Which of the following journal entries would be made if the stock

Question 27

Novak Corp. issued 1200 shares of no-par common stock for $7200. Which of the following journal entries would be made if the stock has stated value of $2 per share?

Cash		7200
	Common Stock		2400
	Paid-in Capital in Excess of Par		4800

Cash		7200
	Common Stock		7200

Common Stock		7200
	Cash		7200

Cash		7200
	Common Stock		2400
	Paid-in Capital in Excess of Stated Value		4800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

SEO Competitor Audit Journal

Authors: Nelz Plummer

1st Edition

B09DDWJGRC, 979-8459748123

More Books

Students also viewed these Accounting questions

Question

★★★★★

Dr. Gill wants to arrange the answers to a truefalse exam in random order. The answers in order of occurrence follow. TTTTFTTFFTTTTFFFFFFTTTTTT Test the sequence for randomness using a = 0.05. (a)...

Answered: 1 week ago

Question

★★★★★

57. Show that for any three events A, B, and C with P(C) 0,

Answered: 1 week ago

Question

★★★★★

8.85 How often do women feel sad? A recent GSS asked, How many days in the past seven days have you felt sad? The 816 women who responded had a median of 1, mean of 1.81, and standard deviation of...

Answered: 1 week ago

Question

★★★★★

For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2014, Jeff decided to move to rented quarters and to operate the business, which was...

Answered: 1 week ago

Question

★★★★★

On January 1, 2018 gold star leasing company leases equipment to brick co with five equal annual payments of 160,000 each payable beginning January 1, 2018. Brake Co agrees to guarantee the $150,000...

Answered: 1 week ago

Question

★★★★★

Calculate each binomial probability: (a) Fewer than 4 successes in 12 trials with a 10 percent chance of success. (Round your answer to 4 decimal places.) (b) At least 3 successes in 7 trials with a...

Answered: 1 week ago

Question

★★★★★

H07 Medical Coding | Graded Project . . a document (.docx. .doc)'. Your project will be individually graded by your instructor and therefore Will take up to Your project must be submitted as a Word...

Answered: 1 week ago

Question

★★★★★

The following incomplete information is provided in relation to Cranfield Ltd for the month of October. (i) Opening balances: WIP $ 1'." ,500 Finished goods $28,000 (ii) Closing balances Raw material...

Answered: 1 week ago

Question

★★★★★

2015 Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Lynch Janitorial Service, Inc., at the end of 2016 and 2015: December 31, December 31, 2016...

Answered: 1 week ago

Question

★★★★★

Problem 2.4A (Algo) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 The following equation shows the transactions of Cotton Cleaning Service during May....

Answered: 1 week ago

Question

★★★★★

Number of Trees In order to take inventory, the manager of a tree farm walked around their complex counting the number of trees at each height in three rows of trees. You are given the raw, unsorted...

Answered: 1 week ago

Question

★★★★★

2. Stereotypes in Prime-Time TV. Watch four hours of television during the next week, preferably during evening hours when there are more commercials. Record the number of representatives of...

Answered: 1 week ago

Question

★★★★★

d. What differences (if any) were there in the roles that members of the various groups played? Did one group play more sophisticated or more glamorous roles than others?

Answered: 1 week ago

Question

★★★★★

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago

Previous Question Next Question