vi.3 Sunland Company had these transactions during the current period.June 12Issued 84,000 shares of $1 par value common stock for cash of $315,000.July 11Nov. 28Issued 4,000 shares of $105 par value preferred stock for cash at $113 per share.Purchased 3,100 shares of treasury stock for $7,700.Prepare the journal entries for the Sunland Company transactions shown above. (Record journal entries in the order presented in theproblem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter O for the amounts.)DateJune 12 vJuly 11VNov. 28Account Titles and ExplanationDebitCredit

Journal entry :It is a method of recording transactions in the book of original entries by debiting…

Answered: unland Company had these transactions…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 3AP

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
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. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Blossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom Company transactions shown above. (Record journal entries in the order presented in the problem. 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.)
Sunland Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 3,450 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $8,450. Prepare the journal entries for the Sunland Company transactions shown above. (Record journal entries in the order presented in the problem. 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.) Date Account Titles and Explanation Debit Credit choose a transaction date June 12July 11Nov. 28 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…
Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July 11 Issued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare the journal entries for the Cullumber Company transactions shown above. (Record journal entries in the order presented in the problem. 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.) Date Account Titles and Explanation Debit Credit
Sandhill Co. had these transactions during the current period. June 12 Issued 81,000 shares of $1 par value common stock for cash of $303,750. July 11 Nov. 28 Issued 3,550 shares of $100 par value preferred stock for cash at $109 per share, Purchased 2,600 shares of treasury stock for $11,700. Prepare the journal entries for the Sandhill Co. transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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 Debit Credit
During its first year of operations, Wildhorse Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 60,000 shares for cash at $7 per share. July 1 Issued 50,000 shares for cash at $10 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in enter o for the amounts.) Date Account Titles and Explanation Debit Credit
Ivanhoe Company had these transactions during the current period. June 12 Issued 82,500 shares of $1 par value common stock for cash of $309,375. July 11 Issued 3,450 shares of $103 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 2,650 shares of treasury stock for $8,450. Prepare the journal entries for the Ivanhoe Company transactions shown above.
Blossom Company had these transactions during the current period. June 12 Issued 82,000 shares of $1 par value common stock for cash of $307,500. July 11 Issued 3,700 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,450 shares of treasury stock for $8,800. Prepare the journal entries for the Blossom Company transactions shown above.
Carla Vista Co. had these transactions during the current period. June 12 Issued 83,000 shares of $1 par value common stock for cash of $311,250. July 11 Issued 4,300 shares of $103 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 2,400 shares of treasury stock for $9,350. Prepare the journal entries for the Carla Vista Co. transactions shown above. (Record journal entries in the order presented in the problem. 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.) Date Account Titles and Explanation Debit Credit

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