Blossom Company began operations on April 1 by issuing 54,200 shares of $6 par value common...

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Blossom Company began operations on April 1 by issuing 54,200 shares of $6 par value common stock for cash at $16 per share. On April 19, it issued 1,500 shares of common stock to attorneys in settlement of their bill of $27,900 for organization costs. In addition, Blossom issued 1,200 shares of $2 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To record issuance of common stock for attorney's fees) Debit Credit (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Skysong, Inc. has 73,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit On July 1, Skysong, Inc. purchases 680 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 380 shares of the treasury stock for cash at $14 per share. Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Blossom Company began operations on April 1 by issuing 54,200 shares of $6 par value common stock for cash at $16 per share. On April 19, it issued 1,500 shares of common stock to attorneys in settlement of their bill of $27,900 for organization costs. In addition, Blossom issued 1,200 shares of $2 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To record issuance of common stock for attorney's fees) Debit Credit (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Skysong, Inc. has 73,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit On July 1, Skysong, Inc. purchases 680 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 380 shares of the treasury stock for cash at $14 per share. Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

Date April 19 Account Titles and Explanation Debit Credit Legal Expenses Organization Costs 27900 Common Stock 15000 Additional Paidin Capital Common ... View the full answer