In January 2011, Jones Corporation was organized and authorized to issued 2,000,000 shares of no-par common stock
Question:
In January 2011, Jones Corporation was organized and authorized to issued 2,000,000 shares of no-par common stock and 50,000 shares of 5 percent, $50 par value, noncumulative preferred stock. The stock-related transactions for the first years' operation were as follows:
Required 1. For each of the above transactions, enter in the blanks provided the account numbers and dollar amounts (as shown in the example) for the account(s) debited and credits. The account numbers are listed below. 110 Cash 120 Land 121 building 220 Dividends Payable 305 Preferred Stock 310 Common Stock 312 Additional Paid-in Capital 313 Paid-in capital, Treasury Stock 340 Retained Earnings 341 Dividends 350 Treasury Stock, Common 510 Start-up and Organization Costs 2. Why is the stockholders' equity section of the balance sheet an important consideration in analyzing the performance of acompany?
Balance Sheet Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...Corporation A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Transcribed Image Text:
Debited Credited Account Dollar Acccunt Dollar NumberAmount Number Amount Jan. 19 Sold 15,000 shares 31 S15,000 S1 stated value per share 1 S31,500 312 S16,500 0 services valued at $11,000 Feb. 7 Issued 30,000 shares Mar. 22 Purchased 10,000 shares July 15 Issued 5,000 shares Aug. Sold 2,500 shares of Sept Declared a cash dividend of S0.15 per common share to be paid on Sepsember 25 to stock- holders of record on Sepeember 15. Date of record for cash dividends Paid cash dividends to stockholders of record on Sepeember 15. Issued 4,000 shares of common stock for a piece of land. The stock was selling for $3 per share, and the land had a fair 15 25 Oct. 30 Dec. 15 Issued 2,200 shares of preferred stock for $50 per share.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
1Account numbers and dollar amounts provided Debited Credited Account Number Dollar Amount ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.