ACC557 Week 7 Chapter 11 E11 7 E11 13 E11 17 P11 3A

Question: #8262

WEEK 7

NOTE: REFER TO THE SCREENSHOT ON HOW TO FILL IN. ALSO TO VIEW WHAT IS IN THE ANSWER BOX CLICK ON THE BOX

EXERCISE 11-7

Mar. 2 Organization Expense....................................... 38,000

Common Stock (5,000 X $1)................................... 5,000

Paid-in Capital in Excess of Par

—Common Stock................................................. 33,000

June 12 Cash...................................................................... 475,000

Common Stock (60,000 X $1)................................. 60,000

Paid-in Capital in Excess of Par

—Common Stock................................................. 415,000

July 11 Cash (1,000 X $110)........................................... 110,000

Preferred Stock (1,000 X $100).............................. 100,000

Paid-in Capital in Excess of Par

Value—Preferred Stock

(1,000 X $10)...................................... 10,000

Nov. 28 Treasury Stock................................................ 18,000

Cash......................................................... 18,000

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Exercise 11-7

Your answer is correct.

Fallow Co. had the following transactions during the current period.

Mar. 2

Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $38,000 for services provided in helping the company to incorporate.

June 12

Issued 60,000 shares of $1 par value common stock for cash of $475,000.

July 11

Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28

Purchased 2,000 shares of treasury stock for $18,000.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 2

June 12

July 11

Nov. 28

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EXERCISE 11-13

NOTE: REFER TO THE SCREENSHOT ON HOW TO FILL IN. ALSO TO VIEW WHAT IS IN THE ANSWER BOX CLICK ON THE BOX

(a) June 15 Cash Dividends (123,000 X $1)........... 123,000

Dividends Payable........................ 123,000

July 10 Dividends Payable................................ 123,000

Cash................................................. 123,000

Dec. 15 Cash Dividends (125,000 X $1.20)..... 150,000

Dividends Payable........................ 150,000

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Exercise 11-13

Your answer is correct.

On January 1, Chevon Corporation had 98,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred.

Apr. 1

Issued 25,000 additional shares of common stock for $17 per share.

June 15

Declared a cash dividend of $1 per share to stockholders of record on June 30.

July 10

Solution: #8263

ACC557 Week 7 Chapter 11 (E11-7 E11-13 E11-17 P11-3A)

WEEK 7 NOTE: REFER TO THE SCREENSHOT ON HOW TO FILL IN. ALSO TO VIEW WHAT IS IN THE ANSWER BOX CLICK ON THE BOX EXERCISE 11-7 Mar. 2 Organization Expense 38,000 Common Stock (5,000 X $1) 5,000 Paid-in Capital in Excess of Par —Common Stock 33,000 June 12 Cash 475,000 Common Stock (60,000 X $1) 60,000 Paid-in Capital in Excess of Par —Common Stock 415,000 July 11 Cash (1,000 X $110) 110,000 Preferred Stock (1,000 X $100) 100,000 Paid-in Capital in Excess of Par Value—Preferred Stock (1,000 X $10) 10,000 Nov. 28 Treasury Stock 18,000 Cash 18,000 Exercise 11-7 Your answer is correct. ...