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Homework answers / question archive / Louisiana State University, Shreveport ACCT 701 Assessment 7 1)A company sold 100,000 shares of its own $10 par value preferred stock for $2,060,000
Louisiana State University, Shreveport
ACCT 701
Assessment 7
1)A company sold 100,000 shares of its own $10 par value preferred stock for $2,060,000. The entry to record the sale would include a:
DATE
May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.
May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.
May 6 Accepted $500 of advance payments from customers for service to be provided next month.
May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.
May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.
Using the information above, what journal entry would be required to record the transaction of May 1?
May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.
May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.
May 6 Accepted $500 of advance payments from customers for service to be provided next month.
May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.
May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.
Using the information above, what journal entry would be required to record the transaction of May 4?
DATE
May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.
May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.
May 6 Accepted $500 of advance payments from customers for service to be provided next month.
May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.
May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.
Using the information above, what journal entry would be required to record the transaction of May 27?
DATE
May 1 Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.
May 4 Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.
May 6 Accepted $500 of advance payments from customers for service to be provided next month.
May 27 Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay.
May 29 Mr. Jones paid in full the outstanding debt he had with the company. May 31: The company declares a stock split.
Using the information above, what journal entry would be required to record the transaction of May 31?
$43,000 when the Company bought it, but it had a value of $52,000 on the date it was given to the employee. Make the journal entry (or entries) necessary to record this transaction.
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