The articles of incorporation for Peahen Corp. authorize the company to issue 100,000 $6 preferred shares and 500,000 common shares. During first year of operations, Peahen Corp. completed the following selected transactions: (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal. 2. Prepare the shareholders' equity section of the Peahen Corp. balance sheet at November 30, 2020. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Dec. 4, 2019: Issued 6,000 common shares to the consultants who formed the corporation, receiving cash of $180,000. Date Dec. Journal Entry Accounts Debit Credit

The articles of incorporation for Peahen Corp. authorize the company to issue 100,000 $6 preferred shares and 500,000 common shares. During first year of operations, Peahen Corp. completed the following selected transactions: (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal. 2. Prepare the shareholders' equity section of the Peahen Corp. balance sheet at November 30, 2020. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Explanations are not required.) Dec. 4, 2019: Issued 6,000 common shares to the consultants who formed the corporation, receiving cash of $180,000. Date Dec. Journal Entry Accounts Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 15P: Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders...

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Smallville 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…
Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >