Entries for Issuing No-Par StockOn February 12, Quality Carpet Inc., a carpet wholesaler, issued forcash 1,000,000 shares of no-par common stock (with a stated valueof $0.25) at $1.20, and on August 3, it issued for cash 10,000shares of preferred stock, $15 par at $21.a. Journalize the entries for February 12 and August 3, assumingthat the common stock is to be credited with the stated value.For a compound transaction, if an amount box does not require anentry, leave it blank.Feb. 12Aug. 3b. What is the total amount invested (total paid-in capital) by allstockholders as of August 3?

Step 1:Answer a.Required journal entries for the issuance of common and preferred stock are…

Answered: Entries for Issuing No-Par Stock On…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 730, 000 shares of no - par common stock (with a stated value of $1.70) at $4.70, and on August 3, it issued for cash 24, 700 shares of preferred stock, $45 par at $61. Required: a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What is the total amount invested (total paid - in capital) by all stockholders as of August 3?
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21.a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $18, and on May 15, it issued for cash 6,000 shares of $17 par preferred stock at $62. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 10 May 15
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Question Content Area a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12 Cash Cash - Select - - Select - - Select - - Select - Aug. 3 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?$fill in the blank
On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 210,000 shares of no-par common stock (with a stated value of $3) at $12, and on June 30, it issued for cash 20,000 shares of preferred stock, $75 par at $79. Question Content Area a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Date Account Debit Credit May 15 June 30 Feedback Area Feedback Question Content Area b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?fill in the blank 1 of 1$
Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 750,000 shares of no-par common stock (with a stated value of $1.50) at $4, and on June 30, it issued for cash 17,500 shares of preferred stock, $50 par at $60. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15 June 30 b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par common stock (with a stated value of $2) at $8, and on August 3, it issued for cash 10,000 shares of $80 par preferred stock at $87. Question Content Area a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $3) at $14, and on May 15, it issued for cash 1,000 shares of $16 par preferred stock at $58. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 225,000 shares of no-par common stock (with a stated value of $6) at $18, and on August 3, it issued for cash 25,000 shares of preferred stock, $80 par at $84. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12 Aug. 3 b. What is the total amount invested (total paid-in capital) by all stockholders as of August 37
Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 225,000 shares of no-par common stock (with a stated value of $4) at $12, and on August 3, it issued for cash 30,000 shares of preferred stock, $70 par at $77. a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12 fill in the blank b61f68033ffb003_2 fill in the blank b61f68033ffb003_3 fill in the blank b61f68033ffb003_5 fill in the blank b61f68033ffb003_6 fill in the blank b61f68033ffb003_8 fill in the blank b61f68033ffb003_9 Aug. 3 fill in the blank b61f68033ffb003_11 fill in the blank b61f68033ffb003_12 fill in the blank b61f68033ffb003_14 fill in the blank b61f68033ffb003_15 fill in the blank b61f68033ffb003_17 fill in the blank b61f68033ffb003_18 b. What is the total amount invested…
Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 5,800 shares of its common stock at $48 per share. On August 3, Kick Off sold 3,200 of the reacquired shares at $51 per share. On November 14, Kick Off sold the remaining shares at $47 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 dropdown Aug. 3 Nov. 14

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