Madison Shoes manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent...
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Madison Shoes manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The dollar amounts in (a) and (b) are presented "In millions," and the dollar amount in (c) is per share. When reporting amounts "In millions," exclude the 000,000. a. Purchased $236 in equipment; paid by signing a $8 long-term note and fulfilling the rest with cash. b. Issued $29 In additional common stock for cash contributions made by stockholders. c. Several Madison Shoes Investors sold their own stock to other Investors on the stock exchange for $100 per share of stock. Required: 1. For each of the events above, prepare journal entries. 2. Which statement best describes transaction (c)? Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each of the events above, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 1 2 3 Journal entry worksheet 1 2 3 Purchased $236 in equipment; paid by signing a $8 long-term note and fulfilling the rest with cash. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Required 1 Required 2 For each of the events above, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list 1 Purchased $236 in equipment; paid by signing a $8 long- term note and fulfilling the rest with cash. Record the transaction. 2 Issued $29 in additional common stock for cash 3 contributions made by stockholders. Record the transaction. Several Madison Shoes investors sold their own stock to other investors on the stock exchange for $100 per share of stock. Record the transaction. Credit Note : journal entry has been entered Record entry Clear entry View general journal exclude the voU,UUU. a. Purchased $236 In equipment; paid by signing a $8 long-term note and fulfilling the rest with cash. b. Issued $29 In additional common stock for cash contributions made by stockholders. c. Several Madison Shoes Investors sold their own stock to other Investors on the stock exchange for $100 per share of stock. Required: 1. For each of the events above, prepare journal entries. 2. Which statement best describes transaction (c)? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Which statement best describes transaction (c)? Transaction (c) occurs between the business and others in the stock market. Hence it will have an effect on the business. Transaction (c) occurs between the owners and others in the stock market. Hence there is no effect on the business. < Required 1 Required 2 > Madison Shoes manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The dollar amounts in (a) and (b) are presented "In millions," and the dollar amount in (c) is per share. When reporting amounts "In millions," exclude the 000,000. a. Purchased $236 in equipment; paid by signing a $8 long-term note and fulfilling the rest with cash. b. Issued $29 In additional common stock for cash contributions made by stockholders. c. Several Madison Shoes Investors sold their own stock to other Investors on the stock exchange for $100 per share of stock. Required: 1. For each of the events above, prepare journal entries. 2. Which statement best describes transaction (c)? Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each of the events above, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 1 2 3 Journal entry worksheet 1 2 3 Purchased $236 in equipment; paid by signing a $8 long-term note and fulfilling the rest with cash. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Required 1 Required 2 For each of the events above, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list 1 Purchased $236 in equipment; paid by signing a $8 long- term note and fulfilling the rest with cash. Record the transaction. 2 Issued $29 in additional common stock for cash 3 contributions made by stockholders. Record the transaction. Several Madison Shoes investors sold their own stock to other investors on the stock exchange for $100 per share of stock. Record the transaction. Credit Note : journal entry has been entered Record entry Clear entry View general journal exclude the voU,UUU. a. Purchased $236 In equipment; paid by signing a $8 long-term note and fulfilling the rest with cash. b. Issued $29 In additional common stock for cash contributions made by stockholders. c. Several Madison Shoes Investors sold their own stock to other Investors on the stock exchange for $100 per share of stock. Required: 1. For each of the events above, prepare journal entries. 2. Which statement best describes transaction (c)? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Which statement best describes transaction (c)? Transaction (c) occurs between the business and others in the stock market. Hence it will have an effect on the business. Transaction (c) occurs between the owners and others in the stock market. Hence there is no effect on the business. < Required 1 Required 2 >
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Related Book For
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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