Waterway SpA issued 530 shares of €100 par value preference shares for €64,200. Prepare Waterway's journal entry. (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 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
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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.When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Ja General Jourmal Account/Explanation Page GJ9 Credit Cash Account No. 101 Date Debit Date Desc. F Debit Credit Balance F 2/Oct Supplies 35,000 GJ9 Share Capital 35,000 (a) 5/Oct Supplies 700 Accounts Payable Account No. 201 Date Desc. F Debit Credit Balance Accounts Payable 700 (b) 6/Oct Accounts Payable Supplies (c) 10/Oct Cash 399 399 1,100 Supplies Share Capital Account No. 301 Date Desc. F Debit Credit Balance 1,100 (d) 13/Oct Cash 500 Consulting Revenue Earned 500 Supplies Account No. 126 (e) Date Desc. F Debit Credit Balance Consulting Revenue Earned Account No. 403 Date Desc. F Debit Credit Balance Office Salaries Expense Account No. 620 Date Desc. F Debit Credit Balance Official Time: 1:24:52 SUBMIT AND MARKPrepare 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.)
- 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.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…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
- 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 MediaOn December 21, 2025, Blue Company provided you with the following information regarding its equity investments. Investments December 31, 2025 Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. (a) (b) (c) Cost $20,200 9,900 20,200 $50,300 Fair Value $19,300 8,900 20,790 $48,990 Unrealized Gain (Loss) $(900) (1,000) 590 (1,310) 0 $(1,310) During 2026, Colorado Co. stock was sold for $9,410. The fair value of the stock on December 31, 2026, was Clemson Corp. stock- $19,410; Buffaloes Co. stock-$20,700. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2025. Prepare the journal entry to record the sale of the Colorado Co. stock during 2026. Prepare the adjusting journal entry needed on December 31, 2026.(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
- 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. 1Sheffield 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 5,360On December 31, 2023, Carla Vista Corporation, a public company, had the following shareholders' equity accounts: CARLA VISTA CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders' equity Common shares (unlimited number of shares authorized, 95,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $9: on December 30, $10, and on January 15, $9. July Dec. 15 Determined that profit before income tax for the year was $413,000. The company has a 30% income tax rate. 1 $1,145,000 560,000 $1,705,000 31