Journalize the two entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM132683440

Problem - Issuing stock - Wildwood Nursery, with an authorization of 50,000 shares of preferred stock and 400,000 shares of common stock, completed several transactions involving its stock on June 1, the first day of operations. The trial balance at the close of the day follows:

Cash

1,584,000


Land

350,000


Buildings

910,000


Preferred 3% Stock, $120 par


1,200,000

Paid-In Capital in Excess of Par-Preferred Stock


60,000

Common Stock, $50 par


1,500,000

Paid-In Capital in Excess of Par-Common Stock


84,000

 

2,844,000

2,844,000

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Required - Journalize the two entries to record the transactions summarized in the trial balance.

Reference no: EM132683440

Questions Cloud

Problem - Selected Dividend Transactions and Stock Split : Problem - Selected Dividend Transactions and Stock Split - Dec. 15. Paid the cash dividends and issued the certifi cates for the common stock dividend
Define several forms of metadata that can be useful : Define several forms of metadata that can be useful to an investigation. How are valuable to an investigator? Need in a word document with no less than 250 word
Job description of an accountant : Looking up the typical job description of an Accountant.
What is the balance after the deposits : During the week, he makes deposits for the company. If the beginning ledger balance was $13,821.58, what is the balance after these deposits?
Journalize the two entries to record the transactions : All shares within each class of stock were sold at the same price. Journalize the two entries to record the transactions summarized in the trial balance
What risks does facial recognition software raise : What risks, if any, does facial recognition software raise? How much information about you can be found on-line with a simple google search?
How system could improve efficiency : How a system could improve efficiency. How a system could improve accuracy. How sales of individual items would be entered.
What are the critical success factors for big data analytics : What are the critical success factors for Big Data analytics? What are the big challenges that one should be mindful of when considering implementation.
What are mark ethical obligations in the matter : What are Mark's ethical obligations in this matter? Should he discuss the situation with Margaret? How about bringing it up at his firm?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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