Ragesun Corporation issued 510 shares of $10 par value common stock and 153 shares of $54...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ragesun Corporation issued 510 shares of $10 par value common stock and 153 shares of $54 par value preferred stock for a lump sum of $22,950. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit Ragesun Corporation issued 510 shares of $10 par value common stock and 153 shares of $54 par value preferred stock for a lump sum of $22,950. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Journal Entry Debit Cash Ac 22950 Credit Common Stock Ac 5100 Credit Preferre... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a...
-
In Exercises 3336, use possible symmetry to determine whether each graph is the graph of an even function, an odd function, or a function that is neither even nor odd. ------ -2, y CI (0,4) 2 14...
-
Conch Republic Electronics is a midsized electronics manufacturer located in Key West, Florida. The company president is Shelly Couts, who inherited the company. The company originally repaired...
-
The following is a list of transactions that took place during the year: Instructions (a) Classify each of the above transactions as an operating activity (O), investing activity (I), financing...
-
Ann Duxbury started her practice as a design consultant on March 1, 2010. During the first month of operations, the business completed the following transactions: Requirements 1. Open the following...
-
Cooper Billiards manufactures pool tables. Complete the following table to indicate which account increases or decreases as a result of each action. Note: An action may affect more than one account....
-
We were introduced to Professor Hernando de Soto. His observations of the world's poor, and their inability to participate in modern economies are insightful and fascinating. After watching the...
-
Why do organisations have SOPs (Standard Operating Procedures) for information management systems? Q 1.1c How will you ensure high levels of accuracy and productivity with data entry activities? Q...
-
What differences exist between metrics and analytics that focus on HR efficiency, operational effectiveness, and organizational realignment? Offer examples of each.
-
What are the factors you would have to use in calculating a cost-benefit ratio to support a decision to purchase a new HRIS when the organization already has an HRIS that was acquired 10 years ago?...
-
What roles might more recent analysis activities, such as data mining, predictive statistical analyses, and operational experiments, play in increasing organizational effectiveness?
-
Why does average employee contribution offer a better estimate of the contribution of individuals to an organization than total compensation (wages, incentives, and benefits)?
-
What makes indirect benefits so difficult to include in a CBA? What techniques might be used?
-
State two uses of sodium thiosulfate within analytical chemistry.
-
Prove the result that the R 2 associated with a restricted least squares estimator is never larger than that associated with the unrestricted least squares estimator. Conclude that imposing...
-
Addison Corporation has ten million shares of common stock issued and outstanding. On June 1 the board of directors voted a 60 cents per share cash dividend to stockholders of record as of June 14,...
-
On January 1, 2012, Adams Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Adams to make annual payments of $9,968 at the beginning of each year,...
-
Portman Corporation has retained earnings of $675,000 at January 1, 2012. Net income during 2012 was $1,400,000, and cash dividends declared and paid during 2012 totaled $75,000. Prepare a retained...
-
The law of large numbers states that as a probability experiment is repeated, the proportion of times that a given outcome occurs will approach its probability. In Exercises 912, determine whether...
-
The following table presents numbers of U.S. workers, in thousands, categorized by type of occupation and educational level. a. What is the probability that a randomly selected worker is a college...
-
Refer to Exercise 5. Four of the eight students are from Middle Georgia State University. What is the probability that all three of the interviewed students are from Middle Georgia State University?
Study smarter with the SolutionInn App