Question: Acker Inc. issues 5,000 shares of $100 par value preferred stock for cash at $130 per share. Journalize the issuance of the preferred stock.

Acker Inc. issues 5,000 shares of $100 par value preferred stock for cash at $130 per share. Journalize the issuance of the preferred stock.


Step by Step Solution

★★★★★

3.28 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Cash 5000 X 130 650000 Pre... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

47-B-A-T-D (81).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: During the...

Q:

Multiple Choice Questions: 1. Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash...

Q:

1. ABC Company has 200,000 shares of $10 par common stock outstanding. ABC issues a 5 for 1 stock split. What are the number of common shares outstanding and what is the par value of those shares...

Q:

Describe internal and external factors that influence and drive consumer behavior.

Q:

Teal Mountain Inc. issues 9, 500 shares of $104 par value preferred stock for cash at $116 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented...

Q:

8 The Sorrento Skies Corporation issues 16,000 shares of $100 par value preferred stock for cash at $120 per share. Journalize this transaction. Question 9 G. Jones Corporation was organized on...

Q:

Whispering Winds Corp. issues 7,900 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically...

Q:

Prepare journal entries for Jeff Corporation for the following transactions: (a) Jeff corporation reported net income of 480,000. Prepare the entry to close net income. (b) Issued 1,000 shares of 100...

Q:

Q1. Prepare journal entries for Jeff Corporation for the following transactions: (a) Jeff corporation reported net income of 480,000. Prepare the entry to close net income. (b) Issued 1,000 shares of...

Q:

Wildhorse Co. issues 8,600 shares of 5100 par value preferred stock for cash at $107 per share. Journalize the issuance of the preferred stock (Credit account titles are automatically Indented when...

Q:

Teal Mountain Corporation issues 34000 shares of $100 par value preferred stock for cash at $105 per share. Recording the transaction will consist of an increase to Cash for $3570000 and increases to...

Q:

An electron in a one-dimensional box has ground-state energy 0.010 eV. (a) What is the length of the box? (b) Sketch the wave functions for the lowest three energy states of the electron. (c) What is...

Q:

Each of the following are true of the Securities and Exchange Commission except that the SEC requires registrants to adhere to GAAP. the SEC's involvement in the development of accounting standards...

Q:

A 2016 Pew Research poll reported that 80% of Americans shop online. Assume the percentage is accurate. a. If two Americans are randomly selected, what is the probability that both shop online? b. If...

Q:

Construct a chart for your state and four of its neighboring states. Provide 'Yes/No" entries for each state in the following categories. Send the chart to your classmates by e-mail. Does the state...

Q:

In problem the given figure represents the graph of an equation of motion for a damped spring/mass system. Use the graph to determine (a) Whether the initial displacement is above or below the...

Q:

Give five examples of jets and how they occur in practice.

Q:

This case is based on Under Armour, Inc.s, consolidated balance sheets, consolidated statements of income, and Note 2 of its financial statements (Significant Accounting Policies) found online in the...

Q:

What possibilities do all partners to a business have to accept under Jewish economic laws?

Q:

What is the cost of an investment in stock?

Q:

(a) When should a long-term investment in common stock be accounted for by the equity method? (b) When is revenue recognized under the equity method?

Q:

Distinguish between the cost and equity methods of accounting for investments in stocks.

Q:

Economics The following data table relates to the supply schedule of a product. Quantity Supplied Price ($ Per Unit) ( Units Per Week) 5 100 10 200 15 250 20 300 25 350 30 500 Over which of the...

Q:

IN PYTHON Write a function named "loadStateDict(filename) that takes a filename and returns a dictionary of 2-character state codes and state names. The file has four columns and they are separated...

Q:

Hercules Exercise Equipment Co. purchased a computerized measuring device two years ago for $58,000. The equipment falls into the five-year category for MACRS depreciation and can currently be sold...