Question Details

ACC 557 Week 7 Chapter 11 E11 7 E11 13 E11 17 P11 3A

Question posted by Rapidtutor
  • Budget: $14.1 Normal
  • Subjects: Education | The Solar System |
  • Due on 31 Aug, 2018 12:33:39
  • Asked on 31 Aug, 2018 12:33:39
  • Past Due (date has already expired)

ACC 557 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

Top of Form

 

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

 

Click here if you would like to Show Work for this question

 

 

 

 

 

 

 

 

 

 

 

 

Question Attempts: 1 of 3 used

 

 

 

Bottom of Form

 

 

 

 

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

 

Top of Form

 

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

 

 

 

 

Attachments
Available Solutions
ACC 557 Week 7 Chapter 11 (E11-7 E11-13 E11-17 P11-3A)

Rapidtutor
  • Purchased: 1 times.
  • Submitted: 31 Aug, 2018 12:33:39
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. ...
Buy now to view full solution.

Ratings

There is no rating for this solution.
Facebook Comments