1 answer

Exercise 11-3 During its first year of operations, Concord Corporation had the following transactions pertaining to...

Question:

Exercise 11-3 During its first year of operations, Concord Corporation had the following transactions pertaining to its commoJournalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal en

Exercise 11-3 During its first year of operations, Concord Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,500 shares for cash at $6 per share. July 1 Issued 39,500 shares for cash at $8 per share. Journalize the transactions, assuming that the common stock has a par value of $6 per share. (Record journal entries in the order presented in the problem. 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 Credit Debit 399000 Jan. 10 399000
Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. 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

Answers

On Jan 10 Debit Credit
Cash $399,000
Common Stock $399,000
(Being 66,500 Shares were issued at $6 (Par) Each i.e 66,500*6= $399,000)
On July 1 Debit Credit
Cash $316,000
Common Stock $237,000
Securities Premium $79,000
( Being 39,500 Shares of $6 were issued at $8 Each at A premium of $2 i.e 39,500*8=$ 316,000)
.

Similar Solved Questions

1 answer
Font Paragraph Styles Dictate Sensitivity Quantitative Assignment Information: A young college student John decides to make...
Font Paragraph Styles Dictate Sensitivity Quantitative Assignment Information: A young college student John decides to make computers in a small workshop. A single computer consists of the following components, that cost the amounts given: Components Cost in $ per computer Picture tube for monitor: ...
1 answer
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Aver...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is ...
1 answer
Stress, both good and bad, is a part of life. Why is stress management important? How...
Stress, both good and bad, is a part of life. Why is stress management important? How does stress affect your life? Identify three stress management techniques you are going to use to decrease your stress levels. How can you apply these strategies to your life? How will these strategies help you ma...
1 answer
These questions are about applying the chapter content. It's often helpful to discuss them with classmates...
These questions are about applying the chapter content. It's often helpful to discuss them with classmates or mentors, gaining different perspectives on the issues. 1. What is the transformational leadership response to the following comments? a. From a patient: “Nobody is answering my cal...
1 answer
A bridge is an edge of a graph whose deletion increases its number of connected components....
A bridge is an edge of a graph whose deletion increases its number of connected components. Which one of the following edge is a bridge? Select all that apply. Select one or more: a. (7,8) b.(3,4) C. (6,7) d. (8,9) e. (1,3)...
1 answer
Moving to dll Choose the correct answer for the metal directing substitutent on the benzene ring...
Moving to dll Choose the correct answer for the metal directing substitutent on the benzene ring -OH OA. -CH3 OB. Ос. -CI -CO2H D. -OCH2CH3 E. 30 MacBd...
1 answer
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in t...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash $118,000 Retained Earnings $520,000 70,600 Accounts Receivable Dividends 320,200 358,600 4,321,100 Inventory Es...
1 answer
7. ZnS has an FCC lattice with S2- in lattice positions. a. Calculate the number of...
7. ZnS has an FCC lattice with S2- in lattice positions. a. Calculate the number of S2- atoms in a unit cell. b. Given radii of Zn2+=0.88 nm and S2 =2.19 nm, calculate the coordination number. C. How must the Zn2+ ions be arranged in order to maintain charge neutrality and consistent packing size? d...
1 answer
Please don't write in Cursive as i cant read it. And please write it in a...
please don't write in Cursive as i cant read it. And please write it in a clear handwritting. NO CURSIVE please 8. Given the polar equation r = 1 + cos (30) (a) Sketch the curve. (b) Find the area enclosed by the curve. (c) Set up the integral for the arc length of the curve with 0 <0s (d)...
1 answer
In c++ Which of the following statements is false about structures in C++? Programmers must get...
in c++ Which of the following statements is false about structures in C++? Programmers must get input for each individual member of the struct variable if they want the user to initialize it. Structures can be nested within each other. Structure data can be saved to and loaded from binary files....
1 answer
The radius of curvature of the spherical mirror shown in the diagram is 20 cm. If...
The radius of curvature of the spherical mirror shown in the diagram is 20 cm. If an object is located 40 cm to the left of the mirror, what will the magnification of the image be?...
1 answer
Which type of accounting involves the recording and classifying of business transactions, and preparing and presenting...
Which type of accounting involves the recording and classifying of business transactions, and preparing and presenting financial statements? Group of answer choices Managerial Forensic Tax Financial Accounting Systems Cost Fiduciary Auditing...
1 answer
In the U.S., health insurance plays a major role in our healthcare system, and (not surprisingly)...
In the U.S., health insurance plays a major role in our healthcare system, and (not surprisingly) absorbs a big chunk of our healthcare dollars. A single payer system, either private or government run, could eliminate or reduce the complex system of traditional insurance, and could divert funds into...
1 answer
A reflecting telescope is used to observe two distant point sources that are 3.00 m apart...
A reflecting telescope is used to observe two distant point sources that are 3.00 m apart with light of wavelength 600 nm. The telescope's mirror has a radius of 4.0 cm . What is the maximum distance in meters at which the two sources may be distinguished? Express your answer in meters to two si...
1 answer
Can you draft out a letter of intent and a resume for school of nursing
can you draft out a letter of intent and a resume for school of nursing...
1 answer
View History Bookmarks Window Help Homework The following transactions and adjusting entries were completed by a...
View History Bookmarks Window Help Homework The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining balance depreciation for buildings, and straight-line amor...
1 answer
You are the Director at XYZ hospital. Your unit cost for ensure is $3.00 The fixed...
you are the Director at XYZ hospital. Your unit cost for ensure is $3.00 The fixed cost is $5000. November, you had an average of 50 patients/d who received 1 can ensure BID. Total cost was____ on December, you had an average of 47 patients/d who received 1 can ensure BID. Total cost was____...
1 answer
> Click Submit to complete this assessment. Question 22 Calculate the ratio of CH3NH2 to CH3NH3Cl...
> Click Submit to complete this assessment. Question 22 Calculate the ratio of CH3NH2 to CH3NH3Cl concentration required to create a buffer with pH of 10.24. Kb (CH3NH2) = 4.4 x 10-4 OA 0.40 08.16 Oc.0.39 Oolo O E 0.96 > Click Submit to complete this assessment....