Sarasota Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earningsRecord the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts)(a)(b)(c)$3,100,0001,100,000760,000(a)Bought 8,200 shares of its common stock at $30 a share.Sold 4,200 treasury shares at $31 a share.Sold 1,800 shares of treasury stock at $26 a share.No. Account Titles and ExplanationDebitCredit Sarasota Company's balance sheet shows:Common stock, $20 parPaid-in capital in excess of parRetained earningsRecord the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts)(a)(b)(c)$3,100,0001,100,000760,000(a)Bought 8,200 shares of its common stock at $30 a share.Sold 4,200 treasury shares at $31 a share.Sold 1,800 shares of treasury stock at $26 a share.No. Account Titles and ExplanationDebitCredit

Treasury stocks are repurchased shares of the company. The company has the power to reissue these…

Answered: Sarasota Company's balance sheet shows:…

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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During its first year of operations, Bonita Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 July Sept. 1 1 Issued 83,700 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. Issued 32,100 shares for cash at $8 per share. Issued 63,100 shares for cash at $10 per share.
Splish Inc. 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 what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 13,000 shares of $5 par value common stock at $16 per share) May 10 Cash Capital Stock (Issued 11,000 shares of $40 par value preferred stock at $80 per share) May 15 Capital Stock Cash (Purchased 1,200 shares of common stock for the treasury at $14 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 740 shares of treasury stock at $18 per share) Debit Credit 208,000 880,000 16,800 13,320 208,000 880,000 16,800 7,400 5,920 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (List all debit entries before…
(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (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 O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. July 10 1 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share.
Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (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 entries in the order displayed in the problem statement.)
On January 1, 2022, the stockholders' equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. July Sept. 1
Sheffield Inc. 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 what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $17 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $15 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 670 shares of treasury stock at $18 per share) Debit 204,000 600,000 12,000 12,060 Credit 204,000 600,000 12,000 6,700 5,360
Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)
converted into preferred stock. Assuming that the book value method was used, what entry would be made? (List all debit entries before credit entries. 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 title and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media
Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts. Required: For each transaction, indicate whether it would increase, decrease, or have no effect by leaving the cell blank, on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders' Equity, remains in balance after each transaction.) Stockholders' Credit Sales Transaction Cycle Assets Liabilities Revenues Expenses Equity rovide services on account Increase ease Increase 2. Estimate uncollectible accounts Decrease Decrease Increase 3. Write off accounts as uncollectible 4. Collect on account previously written off
16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D
Provide journal entries to record each of the following tranctona. For cach, using the capital letter only, identity whether the transaction represents a sourE of cash S a use of canh (U, ar neither (NI PLEASE NOTE: All whale dollar amounta will be with "$"and commas as needed lie. $12,345). Far the journal entry, you munt enter the account names ectly as written below. Cnh Accounts Payable Dividendh Payable Treaury Stock Dividends Preferred Stock Note Recehable Common Stock Hondh Payable Paid $22.00 cash on ond paya CR Trarnaction - Source of canh (SL Uve of cash (U or Neither (N). Collected $12.400cah for a nate recehvable. CR Trarnaction - Source of cash SL Use of cash (UL or Neither (N). Declared a dividend to shareholders for $16,000, to be paid in the futurE. CR Trarnaction - Source of cash SL Use of cash (UL or Neither (N). Paid $26.500 to suppliers for purchases on account CR Trarnaction - Source of cash SL Uve of cash (UL or Neither (N) Purchaned treanury stock for $18,000…

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