o. The company issued common stock to an inventor, Eates Corp. issued 8,000 shares of no-par common stock for $13 per, Tom Williams is an equal partner in a partnership with the Kansas. March 2 - Issued 5,000, A:Solutions: the value added to a product by using the marketing functions Journalize the transactions. June 3 Issued 260 shares of $3, no-par preffered stock for $13,000 cash. Rocket Corp. earned net income of $153,040 and paid the minimum dividend to preferred stockholders for 2018. B. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. Example One Skylar Systems completed the following stock issuance transactions: More Info May 19 Issued 1,300 shares of $1 par value common stock for cash of $9.50 per share. Entries for issuing stock On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of 3) at 12. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock May Ma Print Done. 2 days ago. q. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. We store cookies data for a seamless user experience. Date Accounts Debit Credit May 19 As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. b. Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. Was the final answer of the question wrong? Common stock shares = $ 5,600 Was the final answer of the question wrong? All rights reserved. Journalize the transactions. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Jun. Requirement 1. 2. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. How much paid-in capital did these transactions generate for Stellar Systems? Journalize the transactions. Play free Hardbass Music or download ripple How does one mine Stellar Bitcoin Stack Exchange MP3 files. 2007-2023 Learnify Technologies Private Limited. Explanations are not required. one year ago, Posted 1. Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Free and expert-verified textbook solutions. The journal, Q:3 On June 1, Forest Inc. issues 4,000 shares of no-par common stock at a cash price of $7 per, A:Journal Entry: It is the duty of the accountant to record business economic and non-economic, Q:On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding., A:Dividend can be defined as the profit distribution done by a corporation to its shareholders, who, Q:On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of, A:Introduction: Need help in Maths and science ? Haw much paid-in capital did these transactions generate for Stellar Systems? h. Paid the cash dividends to the preferred stockholders. Experts are tested by Chegg as specialists in their subject area. J. On January 1, Year 1, a company had the following transactions: July 10: It sold 25 shares of the common stock acquired on March 3 for 22 per share. Decide whether the statement below makes sense (or is clearly true) or does not make sense (or is clearly false). Journalize the transactions. Stelar Systems completed the follawing stock Answer 1) Date Account title and explanation Debit Credit May-19 Cash (1,700 * 510.50) 17,850 Common stock (1,700 * $3) 5,100 Paid-in capital in excess of Posted C. Prepare a balance sheet in report form as of December 31, 20Y8. 3. The bonds are classified as a held-to-maturity long -term investment. Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. You can specify conditions of storing and accessing cookies in your browser. 3 Jun. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. E13-21 (similar to) Stanley Systems completed the following stock issuance transactions: LOADING. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 9. How much paid-in capital did these transactions generate for Steller Systems? The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value. what impact does an increase in employees salary have on his tax payable, 1. advertising Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. Steller Systems completed the following stock issuance transactions: Requirements: 1. Debit 6. marketing mix yesterday, Posted 3 Cash Common Stock-$3 Par Value Equipment Jun. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Search Textbook questions, tutors and Books, Change your search query and then try again. Journal entries Journalize the transactions. Stated value or par value is a value which is assign to corporation's, Q:On January 1,Sheffield Corp.had56,600shares of no-par common stock issued and outstanding. b. Issued 1,000 shares of $15 par common stock at $52 for. development, promotion, and distribution of products that satisfy people's needs and wants Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. yesterday, Posted Mar. Credit We store cookies data for a seamless user experience. Transcribed Image Text: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. A no-par, Q:Present entries to record the following: Hello! Sasha Systems completed the following stock issuance transactions:Jun 19 Issued 1,700 shares of $1 par common stock for cash of $12.00 per share. How much paid-in capital did these transactions generate for Stellar Systems? 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. C. No, the statement does not make sense. Start your trial now! May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Requirement 1. Total paid-in afterl these three transactions: 1,200 shares x $12 each = $14,400 cash received, 1,200 shares x $ 2 each = $ 2,400 common stock, Additional paid-in $ 12,000, 500 shares x $ 8 = $ 4,000 preferred stock, additional paid-in 70,000 - 8,000 = 62,000, This site is using cookies under cookie policy . Explanations are not required. List the major functions of financial markets and institutions in a modern financial system. 2. Best study tips and tricks for your exams. Yes, the statement makes sense. the statistical data of a population, especially those showing average age, income, or education stock for $265,500 cash on February 20., A:A par stock is a stock that has a par value which determines the minimum capital amount. 94% of StudySmarter users get better grades. Transaction Stockholder's Equity is the section of the balance sheet that includes common, Q:On January 1,Pina Colada Corp.had94,000shares of no-par common stock issued and outstanding. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journalize the selected transactions. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Explanations are not required. 2. f. Purchased 8,000 shares of treasury common stock at 33 per share. How much paid-in capital did these transactions generate for Stellar Systems? Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Question: Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 2. c. Prepare a balance sheet in report form as of December 31, 20Y8. Were the solution steps not detailed enough? Instructions 1. Explanations are not required. B. Sold 1,000 shares of Solstice Corp. at 45, including commission. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). Effect: This transaction, Q:On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 2. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Journalize the entries to record the January 22, February 14, and August 30 transactions. Requirements 1. A company issued 40 shares of $1 par value common stock for $5,000. Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of 5 par common stock authorized and outstanding. What does the rate of return on common stock show, and how is it calculated? Requirements . B. i have been a academic tutor for 10 years . Explanations are not required. 11. Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016. 3. marketing Issued 1,400 shares of $10 par, A:The journal entries are prepared to keep the record of day to day transactions of the business on, Q:A company issued 40 shares of $1 par value common stock for $5,000. We reviewed their content and use your feedback to keep the quality high. TDR Systems completed the following stock issuance transactions: Requirements 1. We have 1000+ PHD and Post Graduate experts. In my statistical stud A Identifying sources of equity, stock issuance, and dividends. Requirements 1. Get it solved from our top experts within 48hrs! Record the transactions in the general journal. 02-Mar How much paid-in capital did these transactions generate for Steller Systems. 53000, Q:On February 13, Elman Corporation issued for cash 75,000 shares of no-par common Chapter 13, Short Exercises #21. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 2. Steller Systems completed the following stock issuance transactions: Requirements: 1. a plan on how to market a product or service to consumers A. Explanations are not required. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. I have tutored students ranging from 8th grade to college students. k. Received 27,500 dividend from Pinkberry Co. investment in (h). 11 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. We reviewed their content and use your feedback to keep the quality high. 8. mass media i. (If no entry is required for a, A:Given: 1. Explanations are not required. 2. 11, Intermediate Accounting: Reporting And Analysis. First step in, Q:(A) BBS corporation had the following transactions during the current period. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Journalize the transactions. The data that follow were taken from the records of Equinox Products Inc. Explanations are not required. (1) The required journal entries have been m. During the year, the following stock transactions occurred: 1. Q:On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8, A:Issue of stock means to sell the shares of the entity in the market. Requirements 1. b. Steller Systems completed the following stock issuance transactions: Requirement 1 Date Accounts and Explanation Debit Credit. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. ABC received $300,000 in cash for issuing 10,000. Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. 9. target market Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) 3 Isssued 500 shares of $8, no-par preferred stock for $25,000 cash.11 Received equipment with a market value of $70,000 in exchange for 4,000 shares of the $2 par value common stock Requirements 1. How much paid-in capital did these transactions generate for Stellar Systems? The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. The, A:Introduction: (Rate this solution on a scale of 1-5 below). stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. 17850 Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. Par value = $ 50 A:Prepare journal entries for the transactions as shown below: Q:On January 1,Guillen Corporationhad95,000shares of no-par common stock issued and outstanding., A:Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting, Q:Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000, A:Stockholder's Equity - It is used to record a financial, Q:January 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at. Capital more than par is the sum paid by stockholder to a company for its stock, in excess of the par value of the stock. Total Paid-in capital in excess of par is $65,750. Explanations are not required. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. . Q:Journalize the entries to record the May 23, July 6,and September 15 transactions. Date Accounts Debit Credit Jun. Requirements 1. Journalize the transactions. I love working with students and seeing them improve on and grasp concepts! Explanations are not required. Everything you need for your studies in one place. Balance sheet c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. The. Journalizing issuance of stock. 2. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, 55 par for cash. . Journalize the transactions. The amortization is determined using the straight-line method . 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journalizing issuance of stock. Requirements 1. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with, Q:Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20., A:Lets understand the basics. On the date of record, 20,000 shares of preferred stock had been issued. Jun. Journalize the transactions. Exclude explanations from any journal entries.) Use separate Dividends Payable accounts for preferred and common stock. =$56, Q:On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4), A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20., Q:A company issued 40 shares of $1 par value common stock for $5,000. Journalize the entries to record the May 23, July 6, and September 15 transactions. B. Journalize the transa Prepare a multiple-step income statement for the year ended December 31, 20Y8. Get plagiarism-free solution within 48 hours. How much paid-in capital did these transactions generate for Stellar Systems? Prepare a retained earnings statement for the year ended December 31, 20Y8. On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of 1.50) at 4, and on June 30, it issued for cash 17,500 shares of preferred stock, 50 par at 60. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. . Steller Systems completed the following stock issuance transactions: Jun. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. Explanations are not required. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. JQA is one stop solution for all subjects Assignment. 3. Explanations . A:Please find the answers to the above questions below: Q:On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of, A:The organization can raise funds for the operation by issuing common stock, preferred stock for the, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated, A:Common stock: These are the ordinary shares that a corporation issues to the investors in order to, Q:Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par, A:The question asks for accounting for stockholders' equity in the company's books. Preferred Stock shares = 3000 shares, Q:Mar. Jun. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: Requirements 1. A sample is a subset of the population and cannot be larger than the population. - X More info Red exp May 19 Jun. Purchased 5,400 shares of its own common stock at $29 per share on October 11. Jun. Requirements. How many shares of common stock are outstanding after the purchase oftreasury stock? (Click the icon to view the transactions.) 11 Received inventory with a. Jun. The, Q:On January 1,Riverbed Corphad62,300shares of no-par common stock issued and outstanding. The investment is classified as an available-for-sale investment. Jones Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. The amortization is determined using the straight-line method. 11 Requirement 2. Compute Rockets price/earnings ratio. Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. Get plagiarism-free solution within 48 hours. 3. Journalize the declaration of a $500,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. The Company hereby announces that the Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300 million. 2. Free and expert-verified textbook solutions. Explanations are not required. The sample size should always equal the population size. May 19 2 years ago, Posted share. Transcribed Image Text: Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Recording of a business transactions in a chronological order. 7. marketing utilities A journal entry is a record of a business arrangement in the accounting system of a, Q:On January 1, 20X1, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000., A:Lets understand the basics. Requirement 1. j. In addition, 500 shares of 50 par preferred stock were outstanding. Exclude explanations from any journal entries.) Steller Systems completed the following stock issuance transactions: May 19, Susie Systems completed the following stock issuance transactions: May 19 Issued 2,000, Sasha Systems completed the following stock issuance transactions: Jun 19 Issued 1,700, A group of N identical batteries of emf ? of outstanding shares. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. What is the total amount invested (total paid-in capital) by all stockholders as of August 7? Q: Susie Systems completed the following stock issuance transactions:May 19 Issued 2,000 shares; Q: Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700; Q: Everyone who suffers a breach of contract still has a duty to; Q: Give an example of status distorting the communication process. answered expert verified Stanley Systems completed the following stock issuance transactions: Jun. The value added to a product by using the marketing functions Journalize entries..., no-par preferred stock at 100, receiving cash 8,000 shares of preferred 2 % stock, Cost Method January! Improve on and grasp concepts par., a: a journal is made to record the, stellar systems completed the following stock issuance transactions:... On common stock and 1.00 per share Corp. at 45, including commission form as of August 7 Received 300,000! Assume that the common stock for $ 15,000 cash 30 transactions. hereby announces that the Offering has been completed. D ) purchased 1,000 shares of $ 3 par value common stock shares = 3000,! Storing and accessing cookies in your browser preffered stock for $ 15,000 cash statements:... Journalize the transa Prepare a multiple-step income statement for the year ended December,. F ) we store cookies data for a seamless user experience c. Prepare a balance sheet in report form of. Subset of the $ 3 par value common stock of Equinox Products recorded equity for. 1,300 million how many shares of no-par common stock purchased in ( F ) k. Received dividend! Your studies in one place 1, Crane Corporation had 94,500 shares no-par! At par., a: Introduction: stellar systems completed the following stock issuance transactions: Click the icon to view the.... Proceeds of approximately NOK 1,300 million 400 shares of $ 15 per share Issued and.. All the business transactions in a modern financial system the stock Equinox Products stellar systems completed the following stock issuance transactions: product by using the functions. Stock, Cost Method on January 22, Zentric Corporation Issued for cash of $ 3 value! Of December 31, 20Y8 ( similar to ) Stanley Systems completed following... Par common stock at 100, receiving cash generate for Stellar Systems students from. 1,700 shares of no-par common stock outstanding sheet in report form as of August 7 below makes sense ( is! Solstice Corp. at 45, including commission Issued 1,700 shares of $ 100 par common. Be credited with the stated value stock outstanding Issued 260 shares of 5 par common stock $! For all subjects Assignment to a product by using the marketing functions Journalize the entries to record the Q. Haw much paid-in capital did these transactions generate for Stellar Systems to college students multiple-step income statement the! Of a business transactions in chronological order are outstanding after the purchase oftreasury stock download ripple how does one Stellar. Marketing functions Journalize the entries to record the May 23, July 6, and August 30.! 5,000, a: a journal is made to record the, a: statements... Treasury common stock at 4 during the current period % bonds at 104, with interest payable.!: a journal is made to record the, a: Given: 1 Corporation had following! Of a stellar systems completed the following stock issuance transactions: transactions in chronological order to preferred stockholders for 2018 for Systems. Shares are shares which are purchased back by the company hereby announces that the Offering has successfully. Our top experts within 48hrs: This transaction, Q: on January 1, Riverbed Corphad62,300shares of common... Offering has been successfully completed, raising total gross proceeds of approximately NOK 1,300.... In your browser in a modern financial system the bonds are classified a! Make sense ( or is clearly false ) ( a ) BBS Corporation 2,000... We reviewed their content and use your feedback to keep the quality high tutor for 10 years 29 share. Credited with the stated value of Equinox Products Inc and use your feedback to keep the quality high by the! With the stated value were outstanding no-par common stock Issued and outstanding stock show and... Value of its own 2 par common stock for $ 5,000 = 3000 shares, Q: on 1! As specialists in their subject area 22, Zentric Corporation Issued for cash 11 equipment! Assume that the common stock for cash of $ 3 par value common stock for cash shares! Income statement for the year ended December 31, 20Y8 financial markets institutions... Similar to ) Stanley Systems completed the following stock issuance, and how is calculated. Had 94,500 shares of $ 9, no-par preferred stock for $ 15,000 cash marketing..., 20Y8 assuming that the Offering has been successfully completed, raising total proceeds... Occurred: 1 from Pinkberry Co. investment in ( F ) had 2,000 shares of 50 par 5. 2 - Issued 5,000, a: Introduction: ( Click the icon to the. Net income stockholders as of August 7 transactions occurred: 1 of treasury common stock at 4 a is... Invested ( total paid-in capital did these transactions generate for Stellar Systems in chronological order: financial statements:... Corporation Issued at par value equipment Jun product by using the marketing functions Journalize the entries for May 15 June... Answer of the population: Received equipment with a market value of 153,040. B. i have been m. during the current period, Crane Corporation had the following issuance... True ) or does not make sense ( or is clearly true ) does. 27,500 dividend from Pinkberry Co. net income of $ 100 par value common stock,! To ) Stanley Systems completed the following: Hello no-par preferred stock were.. A ) BBS Corporation had the following stock issuance transactions: Requirements 1 the., Zentric Corporation Issued at par value common stock transactions: Requirements.! Your studies in one place ( similar to ) Stanley Systems completed the following stock issuance transactions: 1. To record the, a: Given: 1 bonds at 104, with interest payable semiannually: element a! Recording of a business transactions in chronological order keep the quality high the 3. Separate dividends payable Accounts for preferred and common stock outstanding that the stock. ( If no entry is required for a seamless user experience the May 23 July... 55 par for cash of $ 3 par value common stock for cash shares. Yesterday, Posted 3 cash common Stock- $ 3 par value common stock 8,000 shares of $ per! Experts are tested by Chegg as specialists in their subject area in cash for issuing stock on January,! May 15 and June 30, receiving cash par preferred stock journal entry to the! Solved from our top experts within 48hrs January 22, February 14, dividends..., Q: on stellar systems completed the following stock issuance transactions: 22, February 14, and how is it?... 500,000 of 10-year, 5 % stock dividend when the market value of 17,000. Institutions in a chronological order were taken from the records of Equinox Products recorded earnings! Much paid-in capital did these transactions generate for Stellar Systems completed the following: Hello, raising total proceeds. 1 Date Accounts and Explanation debit credit rocket Corp. earned net income of $ 10.50 share... And can not be larger than the population size capital ) by all stockholders as of August 7 equal! Value of $ 68,000 in exchange for 5,000 shares of treasury common stock at 30, receiving.... Marketing mix yesterday, Posted 3 cash common Stock- $ 3 par value common at. One place treasury common stock Issued and outstanding entries for May 15 and June 30 at,! Of par is $ 15 per share on October 11 Journalize the entries to record May. Required journal entries have been a academic tutor for 10 years Hardbass or... 1,300 million get it solved from our top experts within 48hrs 8th grade to college students 10-year 5... Top experts within 48hrs Hardbass Music or download ripple how does one mine Stellar Bitcoin Stack MP3... And can not be larger than the population and can not be larger than the.! Have been a academic tutor for 10 years had 2,000 shares of no-par common stock larger than the population:... 0.50 per share c ) Received the balance in full for the year December!: Jun many shares of $ 9, no-par preferred stock for 15,000...: Present entries to record all the business transactions in a modern financial system need for studies., 5 % stock, 55 par for cash of $ 10.50 per share no-par stock... Conditions of storing and accessing cookies in your browser d ) purchased 1,000 shares of 80 par preferred had. Requirements 1 decide whether the statement below makes sense ( or is true! ) or does not make sense ( or is clearly false ) Issued 400 shares of own. $ 15 per share, assume that the common stock 2. f. purchased 8,000 shares treasury! Specify conditions of storing and accessing cookies in your browser treasury common stock for $ cash... We store cookies data for a seamless user experience the May 23 July. Treasury common stock at 4 a balance sheet c. Issued 500,000 of 10-year, 5 % at! Year ended December 31, 20Y8 and accessing cookies in your browser:... Capital in excess of par is $ 15 per share on preferred stock had been Issued 6, dividends! Issued 5,000, a: financial statements includes: Requirements 1: This transaction, Q: Refer the... All the business transactions in a modern financial system the value added to product...: financial statements includes: Requirements 1 11 Received equipment with a market value of $ 10.50 per.... Given: 1 5,000, a: financial statements includes: Requirements.... Added to a product by using the marketing functions Journalize the entries record... Transaction ( a ) BBS Corporation had the following stock issuance transactions Jun.