Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,900. 15 Received $23 cash per share for the issuance of 79,000 cormon shares. 16 issued 10,000 preferred shares for cash of 343 per share. 17 8,000 common shares were issued to a creditor who was owed $134,000. 18 The board of directors declared a cash dividend of $19,900 on the preferred shares and $5,400 on tho common shares to shareholders of record on June 20, payable July 1. 30 154,000 common shares were issued in exchange for machinery with a fair market value of $2,818,000. The shares were actively trading on this date at $17.00 per share. July 1 the dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction let Journal entry worksheet 1 Record the issue of 4,000 common shares to promoters. Note: Enter debits before credits. Date June 05, 2023 Record entry General Journal 7 Clear entry Debit Credit View general Journal

Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,900. 15 Received $23 cash per share for the issuance of 79,000 cormon shares. 16 issued 10,000 preferred shares for cash of 343 per share. 17 8,000 common shares were issued to a creditor who was owed $134,000. 18 The board of directors declared a cash dividend of $19,900 on the preferred shares and $5,400 on tho common shares to shareholders of record on June 20, payable July 1. 30 154,000 common shares were issued in exchange for machinery with a fair market value of $2,818,000. The shares were actively trading on this date at $17.00 per share. July 1 the dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction let Journal entry worksheet 1 Record the issue of 4,000 common shares to promoters. Note: Enter debits before credits. Date June 05, 2023 Record entry General Journal 7 Clear entry Debit Credit View general Journal

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.
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.
Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84, 400. 15 Received $21 cash per share for the issuance of 74,000 common shares. 16 Issued 10,000 preferred shares for cash of $38 per share. 17 8,000 common shares were issued to a creditor who was owed $129,000. 18 The board of directors declared a cash dividend of $19,400 on the preferred shares and $ 4,900 on the common shares to shareholders of record on June 20, payable July 1. 30 149,000 common shares were issued in exchange for machinery with a fair market value of $2,435,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.
Sarasota Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 58,000 common shares for $2.50 per share. Jan. 20 Issued 3,000 common shares to settle legal expenses. The value of the legal expenses was $9,940. Feb. 10 Issued 15,000 preferred shares for $35.00 per share. Aug. 12 Repurchased 17,400 common shares for $2.40 per share. Oct. 1 Issued 4,100 common shares for $2.25 per share. Dec. 15 Repurchased 21,000 common shares for $2.72 per share. Record the above transactions. (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. List all debit entries before credit entries. Round per share calculations to 2 decimal places, e.g. 5.75 and final answers to 0 decimal places, e.g. 5,275.) Date Jan, 5 Jan 20 # Account…
On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance sheet showed the following adjusted balances: Total Assets (including cash of P 30,000) P 200,000Total Liabilities 40,000 The new corporation was authorized to issue 5,000 ordinary shares with a par value of P 100 per share. Phil made a cash subscription of 2,000 shares while the four other incorporators made a cash subscription of 500 shares each. Phil transferred his net assets to the new corporation and paid the balance of his subscription in cash. Refer to Pinoy Trading, the total assets of the new corporation would be: a. 440,000 c. 1,880,000 b. 1,160,000 d. 2,080,000
On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance sheet showed the following adjusted balances: Total Assets (including cash of P 30,000) P 200,000Total Liabilities 40,000 The new corporation was authorized to issue 5,000 ordinary shares with a par value of P 100 per share. Phil made a cash subscription of 2,000 shares while the four other incorporators made a cash subscription of 500 shares each. Phil transferred his net assets to the new corporation and paid the balance of his subscription in cash. How much additional cash investment did Phil make? Refer to Pinoy Trading, the total assets of the new corporation would be: a. 440,000 b. 1,160,000 c. 1,880,000 d. 2,080,000
The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2023 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,100. Feb. 21 13,000 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108,600. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $311,000, $416,000, and $108,000, respectively. Only typing answer Please explain step by step
The charter of a corporation provides for the issuance of 113,026 shares of common stock. Assume that 37,231 shares were originally issued and 3,999 were subsequently reacquired. What is the amount of cash dividends to be paid if a $4 per share dividend is declared? Oa. $15,996 Ob. $148,924 Oc. $452,104 Od. $132,928 Previous Next
Ayayai Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 49,000 common shares for $2.50 per share. Jan. 20 Issued 2.700 common shares to settle legal expenses. The value of the legal expenses was $8,818. Feb. 10 Issued 11,000 preferred shares for $50.00 per share. Aug 12 Repurchased 14,700 common shares for $2.40 per share. Oct. 1 Issued 5,300 common shares for $2.25 per share. Dec. 15 Repurchased 22,000 common shares for $2.70 per share. Record the above transactions. (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 journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, eg. 5.75 and final answers to 0 decimal places, eg 5,275)
Hao Corporation had the following transactions during the current period. Mar. 2 Issued 37,000 common shares to its legal counsel in payment of a bill for $41,000 for services performed in helping the company incorporate. June 12 Issued 50,000 common shares for $440,000 cash. July 11 Issued 1,600, $3 noncumulative preferred shares at $125 per share cash. Nov. 28 Issued 3,200, $3 noncumulative preferred shares at $93 per share cash. Journalize the transactions. (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 Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record issuance of shares enter a debit amount enter a credit amount…
Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 July 11 Nov. 28 Issued 5,200 common shares to its legal counsel in payment of a bill for $31,200 for services performed in helping the company incorporate. Issued 62,400 common shares for $390,000 cash. Issued 1,040, $3 noncumulative preferred shares at $110 per share cash. Issued 2,080, $3 noncumulative preferred shares at $95 per share cash. 4 Journalize the transactions. (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 journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit