Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 pershare. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered.Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts.)

The journal entries are the first step of the accounting process that are prepared to record the…

Answered: Sheffield Island Corporation began…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Windsor, Inc. issues 8,500 shares of $105 par value preferred stock for cash at $114 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Monty Inc. issues 4,550 shares of $100 par value preferred stock for cash at $140 per share. Journalize the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Windsor, Inc. issues 9,600 shares of $102 par value preferred stock for cash at $115 per share.Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
On May 1, Splish Brothers Corporation purchased 3,200 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 800 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation No. Debit Credit
On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at a cash price of $8 per share.Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a debit amount
Blue Spruce Inc. issues 5,050 shares of $100 par value preferred stock for cash at $150 per share. Journalize the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $13 per share. In addition, Riverbed Island issued 2,400 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) Debit Credit
Shamrock, Inc. issues 9,100 shares of $106 par value preferred stock for cash at $114 per share.Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $10 per share.Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a debit amount
On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Credit
Sage Hill Inc. issues 9,000 shares of $105 par value preferred stock for cash at $119 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
On January 1, Ivanhoe Corporation had 62,000 common shares issued. During the year, the following transactions occurred. Apr. 1 Issued 8,700 additional common shares for $66 cash per share. June 15 July 10 Dec. 1 Dec. 15 Prepare the entries, if any, at each of the above dates. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Apr. 1 June 15 June 30 Declared a cash dividend of $1.50 per share to common shareholders of record on June 30, payable on July 10. Paid the $1.50 cash dividend. Issued 4,100 additional common shares for $67 per share. Declared a cash dividend of $1.75 per share to common shareholders of record on December 31, payable January 10. July 10 Account Titles and Explanation Cash Common Shares Debit 574200

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