User Account

All Pages

During its first year of operations eastern data links

Assignment Help Accounting Basics
Reference no: EM13594173

During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share.

  • Feb. 12 Sold 2 million common shares, for $9 per share.
  • 13 Issued 40,000 common shares to attorneys in exchange for legal services.
  • 13 Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000.

Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000.

Required:

Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

Journal Entry Worksheet

  • Feb. 12 Sold 2 million common shares, for $9 per share.
  • 13 Issued 40,000 common shares to attorneys in exchange for legal services.
  • 13 Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000.
  • Nov15 Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000.

Reference no: EM13594173

Questions Cloud

An electron in the hydrogen atom is in an excited state : an electron in the hydrogen atom is in an excited state given by n4 l3 ml2 ms12. list the possible final states the
Tyler smith has worked in an upholstery shop for 10 years : tyler smith has worked in an upholstery shop for 10 years. last year tylers wages were 20000. lately tyler has been
Described below are six independent and unrelated : described below are six independent and unrelated situations involving accounting changes. each change occurs during
King arthurs knights use a catapult to launch a rock from : king arthurs knights use a catapult to launch a rock from their vantage point on top of the castle wall 15 above the
During its first year of operations eastern data links : during its first year of operations eastern data links corporation entered into the following transactions relating to
Calculate the de broglie wavelength of the electron in the : q1. calculate the de broglie wavelength of the electron in the n1 state of the hydrogen atom.q2. calculate the de
The allowed energies of a simple atom are 00 ev 50 ev and : the allowed energies of a simple atom are 0.0 ev 5.0 ev and 8.0 ev. an electron traveling at a speed of 1.8times106 ms
What is the orbital angular momentum for the lowest : what is the orbital angular momentum for the lowest electron orbit in the hydrogen atom?a according to bohr?b according
Differentiate between the spot rate and the forward : differentiate between the spot rate and the forward exchange rate and discuss whether or not these rates are critical

Reviews

Write a Review

Accounting Basics Questions & Answers

  Net cash flow from disposal

At the end of the 4 years, the equipment is sold for $6,000 when the tax basis of the equipment is $4,500. Income tax rate is 35%. The net cash flow from disposal is ?

  Construct a graphic representation of the data using six

to compare commuting times in various locations independent random samples were obtained from the six cities

  The passive activity rules disallow the deduction

7.Jose, a pilot for Southern Airways, has adjusted gross income of $172,000 before considering the following losses. The passive activity rules disallow the deduction for a loss in which of the following?

  Wendy receives a proportionate nonliquidating distribution

wendy receives a proportionate nonliquidating distribution from the wxy partnership. the distribution consists of 75000

  The work in process inventory account of a manufacturing

the work in process inventory account of a manufacturing firm shows a balance of 7800 at the end of an accounting

  Assume that the company computes variances at the earliest

cost standards for one unit of product no. c77direct material 3 pounds at 2.80 per pound8.40direct labor 6 hours at

  Which of the following represents the second largest

which of the following represents the second largest payroll related expense incurred by

  4wheelco a foreign corporation manufactures motorcycles for

4.wheelco a foreign corporation manufactures motorcycles for sale worldwide. wheelco markets its motorcycles in the

  Linda age 37 who files as a single taxpayer had agi of

linda age 37 who files as a single taxpayer had agi of 280000 for 2013. she incurred the following expenses and losses

  A company assigns overhead cost to completed jobs on the

a company assigns overhead cost to completed jobs on the basis of 115 of direct labor cost. the job cost sheet for job

  Gain on the disposal of the old asset

Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange is not expected to cause a material change in the future cash flows for either entity. If a gain on the disposal of the old asset ..

  Distinguish between the economic accounting and tax

bulldistinguish between the economic accounting and tax concepts of gross incomebulldetermine if a taxpayer should pay

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd