Solution-Prepare entry that should have been made for

Prepare entry that should have been made for transactions

Assignment Help Financial Accounting

Reference no: EM13527326

Flores Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the first month, the accountant made the following entries for the corporation's capital stock.

May 2	Cash Capital Stock (Issued 10,000 shares of $10 par value common stock at $12 per share)	120,000
			120,000
10	Cash Capital Stock (Issued 10,000 shares of $50 par value preferred stock at $60 per share)	600,000
			600,000
15	Capital Stock Cash (Purchased 1,000 shares of common stock for the treasury at $14 per share)	14,000
			14,000
31	Cash Capital Stock Gain on Sale of Stock (Sold 500 shares of treasury stock at $16 per share)	8,000
			5,000
			3,000

Instructions

On the basis of the explanation for each entry, prepare the entry that should have been made for the capital stock transactions.

Reference no: EM13527326

Questions Cloud

Find how much work is done by the outside force : Equipotential surface A has a potential of 5950 V, while equipotential surface B has a potential of 8400 V. How much work is done by the outside force in moving the particle from A to B

Cyclin dependent mechanism : In mammalian cells which of the major cells cycle checkpoints is not regulated by a cyclin dependent mechanism

Include the shareholder as one of the stakeholders : Who are the stakeholders in this case? What are their values or rights? Are there any competing interests between stakeholders? Remember to include the shareholder as one of the stakeholders.

Explain how many moles of zinc are in 3.00 kg of zinc : Galvanized nails are iron nails that have been plated with zinc to prevent rusting. The relevant reaction is Zn^2+(aq) + 2e^- -----> Zn (s). How many moles of zinc are in 3.00 kg of zinc

Prepare entry that should have been made for transactions : On the basis of the explanation for each entry, prepare the entry that should have been made for the capital stock transactions.

Find the speed of the electron and proton : a uniform electric is produced by two parallel plates separeated by 3 cm and with a battery of 36 v across them, find the speed of the electron and proton when they reach the charged plates

Driven into a tree at height of five feet from ground level : If a nail were driven into a tree at a height of five feet from ground level, and thereafter the tree grew an average of two feet in height per year, approximately how high above the ground level would the nail be ten years later?

Explain the half-reaction that occurs at the cathode : The two half-cells are connected by a salt bridge. Aluminum metal is oxidized during operation of the voltaic cell. What is the half-reaction that occurs at the cathode

Journalize the treasury stock transactions : Journalize the treasury stock transactions and Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.

User Account

All Pages

Prepare entry that should have been made for transactions

Reference no: EM13527326

Reference no: EM13527326

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT