Splish Inc. has outstanding 11,800 shares of $10 par value common stock. On July 1, 2020, Splish reacquired 104 shares at $88 per share. On September 1, Splish reissued 61 shares at $94 per share. On November 1, Splish reissued 43 shares at $85 per share.Prepare Splish’s journal entries to record these transactions using the cost method.
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Splish Inc. has outstanding 11,800 shares of $10 par value common stock. On July 1, 2020, Splish reacquired 104 shares at $88 per share. On September 1, Splish reissued 61 shares at $94 per share. On November 1, Splish reissued 43 shares at $85 per share.
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- Bonita Inc. has outstanding 10,400 shares of $10 par value common stock. On July 1, 2020, Bonitareacquired 107 shares at $87 per share. On September 1, Bonita reissued 61 shares at $94 per share. On November 1, Bonita reissued 46 shares at $84 per share.Prepare Bonita’s journal entries to record these transactions using the cost method. (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.)Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold reacquired 105 shares at $87 per share. On September 1, Marigold reissued 62 shares at $91 per share. On November 1, Marigold reissued 43 shares at $84 per share. Prepare Marigold's journal entries to record these transactions using the cost method. (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.) Date Account Titles and Explanation Debit Credit 11/1/20Ivanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe reacquired 111 shares at $87 per share. On September 1, Ivanhoe reissued 60 shares at $95 per share. On November 1, Ivanhoe reissued 51 shares at $85 per share.Prepare Ivanhoe’s journal entries to record these transactions using the cost method. (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.)
- Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method.Sheffield Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Sheffield reacquired 113 shares at $88 per share. On September 1. Sheffield reissued 62 shares at $94 per share On November 1, Sheffield reissued 51 shares at $0 per share. Prepare Sheffield's journal entries to record these transactions using the cost method (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 ttles and enter O for the amounts) Date Account Titles and Explanation Debit Credit 11/1/20 |||| ISmallville Company was organized on January 1, 2020. It is authorized to issue 104000 shares of $110 par value common stock. At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts.Cash-$57000, Merchandise Inventory- $75600, Prepaid Insurance-$5100, 10% Notes Payable-$25000, Equipment-$135000, Accumulated Depreciation: Equipment-$3900, Common Stock-$124000, Paid in capital in excess of par value: Common Stock-$22000, and Retained Earnings-$97800.The following transactions took place in Smallville Company during April of the current year (2020).April 1 - Issued $2600 new shares of common stock for $339000April 3 - Purchased merchandise of $8000 on account from Prescott Co., terms FOB destination, 2/10, n/30. The appropriate party paid the freight charge of $280.April 4 - Sold merchandise for cash, $81500. The cost of the merchandise sold was $50000.April 5 - Purchased merchandise on account from Stafford Co., $23000, terms…
- Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110 par value common stock. At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts. Cash-$58000, Merchandise Inventory- $75200, Prepaid Insurance-$4800, 10% Notes Payable-$25400, Equipment-$138000, Accumulated Depreciation: Equipment-$3800, Common Stock-$131000, Paid in capital in excess of par value: Common Stock-$24000, and Retained Earnings-$91800. The following transactions took place in Smallville Company during April of the current year (2020). April 1 - Issued 2500 new shares of common stock for $343000 April 3 - Purchased merchandise of $7600 on account from Prescott Co., terms FOB destination, 2/10, n/30. The appropriate party paid the freight charge of $250. April 4 - Sold merchandise for cash, $89100. The cost of the merchandise sold was $47000. April 5 - Purchased merchandise on account from Stafford Co., $23000,…Smallville Company was organized on January 1, 2020. It is authorized to issue 102000 shares of $120 par value common stock. At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts. Cash-$58000, Merchandise Inventory- $75800, Prepaid Insurance-$4900, 10% Notes Payable-$25200, Equipment-$143000, Accumulated Depreciation: Equipment-$3700, Common Stock-$124000, Paid in capital in excess of par value: Common Stock-$24000, and Retained Earnings-$104800. The following transactions took place in Smallville Company during April of the current year (2020). April 1 - Issued $2500 new shares of common stock for $346000 April 3 - Purchased merchandise of $7500 on account from Prescott Co., terms FOB destination, 2/10, n/30. The appropriate party paid the freight charge of $300. April 4 - Sold merchandise for cash, $83600. The cost of the merchandise sold was $48000. April 5 - Purchased merchandise on account from Stafford Co., $23000,…On May 27, Buzz Off Inc. reacquired 80,000 shares of its common stock at $9 per share. On August 3, Buzz Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Buzz Off sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. Date Account Debit Credit May 27 Aug. 3 Nov. 14
- On January 1, 2020, Vaughn Manufacturing issued 15,000 shares of $4 par value common stock for $180,000. On March 1, 2020, the company purchased 3,800 shares of its common stock for $17 per share for the treasury. Journalize the stock transactions of Vaughn Manufacturing in 2020. (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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Jan. 1 March 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Debit |||| 64600 Credit 64600Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110 par value common stock. At the beginning of April, the ledger of Smallville Company carried the following balances to their respective accounts. Cash-$60000, Merchandise Inventory- $75500, Prepaid Insurance-$5000, 10% Notes Payable-$25600, Equipment-$137000, Accumulated Depreciation: Equipment-$3500, Common Stock-$130000, Paid in capital in excess of par value: Common Stock-$25000, and Retained Earnings-$93400.The following transactions took place in Smallville Company during April of the current year (2020).April 1 - Issued 2400 new shares of common stock for $336000April 3 - Purchased merchandise of $7500 on account from Prescott Co., terms FOB destination, 3/10, n/30. The appropriate party paid the freight charge of $290.April 4 - Sold merchandise for cash, $80400. The cost of the merchandise sold was $51000.April 5 - Purchased merchandise on account from Stafford Co., $23000,…On July 1, 2021, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $12 par preferred stock for a lump sum of $140,000. At this date Nall's common stock was selling for $18 per share and the preferred stock for $24 per share. A. Record the journal entry for this allocation and insurance using the proportional method. Record the journal entry for this allocation and issuance using the incremental method, assuming you do not have the market value for preferred stock.