Please record the following business transactions of Baiyun Co. for the current year. Jan 1st Issued...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Please record the following business transactions of Baiyun Co. for the current year. Jan 1st Issued 100,000 shares of 2 yuan par value common stock to Miss Chames for market price of 3 yuan per share. Feb 2nd Issued 200,000 shares of 2 yuan par value common stock to Edgar in exchange for a land. The fair market value of the land and of the issued shares is 600,000 yuan. Mar 3rd the board of directors declared a cash dividend of 0.2 yuan per share, paying on May 5th to owners of the corporation's 300,000 outstanding shares of common stock. May 5th Paid the dividend declared on Mar 3rd. Dec 31 Closed the income summary account at the end of a profitable period. Net loss, 150,000. Instructions: Please prepare journal entries to record the business transactions for Baiyun Co. Please record the following business transactions of Baiyun Co. for the current year. Jan 1st Issued 100,000 shares of 2 yuan par value common stock to Miss Chames for market price of 3 yuan per share. Feb 2nd Issued 200,000 shares of 2 yuan par value common stock to Edgar in exchange for a land. The fair market value of the land and of the issued shares is 600,000 yuan. Mar 3rd the board of directors declared a cash dividend of 0.2 yuan per share, paying on May 5th to owners of the corporation's 300,000 outstanding shares of common stock. May 5th Paid the dividend declared on Mar 3rd. Dec 31 Closed the income summary account at the end of a profitable period. Net loss, 150,000. Instructions: Please prepare journal entries to record the business transactions for Baiyun Co.
Expert Answer:
Answer rating: 100% (QA)
Date Account Dr Cr 20220101 Bank 300000 Common Equity Sto... View the full answer
Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
Posted Date:
Students also viewed these accounting questions
-
Question 4 [7 marks] Part a) (3 marks) Calculate the statistic, set up the rejection region, draw the sampling distribution and interpret the result, Ho: H: Given that: -10, n-100, X-10, a-0.05. -10...
-
1. Solar Insolation We will be using the term Solar Insolation a lot in this course, and your probably have not used it before. Numerical activity: a) Melbourne has an annual solar irradiation of...
-
Issued 2700 shares of 001 par value common stock to investors for cash at 27 per share Borrowed 63000 from the bank to provide additional funding to begin operations the note is due in two years Paid...
-
Consider a beam with two perpendicular segments subjected to a concentrated load as shown in Fig. 9.52. Using two beam elements, determine the deflection and stresses in the two segments of the beam....
-
Two companies have the following balance sheets as of December 31, 20X8: In 20X9, each company had sales of $700,000 and operating expenses of $600,000. Sunriver had not repaid the $125,000 Note...
-
What are external sources of technology and innovation development, and when are they best used?
-
A consumer advocacy agency, Equitable Ernest, is interested in providing a service that allows an individual to estimate their own credit score (a continuous measure used by banks, insurance...
-
(1) What would be the value of the bond described in part d if, just after it had been issued, the expected inflation rate rose by 3 percentage points, causing investors to require a 13% return?...
-
Based on the following memo, could you help me identify the key facts? Then could you help me with the assignment described at the end? TO: Associate FROM: I.M. Shirley Wright, Partner DATE: October...
-
The U.S. Department of Agriculture publishes statistics on the production of various types of food commodities by month. Shown here are the production figures on broccoli for January of a recent year...
-
The equation X 2 + Y = 4 define Y implicitly in terms of X. Find an equation for dy/dx in terms of X and Y.
-
There are the three particles shown in the Fig. 8.16, with \(m=1.00 \mathrm{~kg}\) and \(M=2 m\). The three particles are aligned in the direction of their centers, and no sources of friction are...
-
Compare the performance of a one-stage rocket with that of a two-stage rocket having similar fuel mass and structure mass. Rocket \(A\) has mass \(M_{A}=11 \mathrm{t}\), of which \(m_{A}^{c}=9.7...
-
A mechanical system consists of a cubic block of mass \(M\) and a spring of elastic constant \(k\) and negligible mass rigidly anchored above the block. The cube \(M\) is stationary on a horizontal...
-
Two identical masses \(m=0.25 \mathrm{~kg}\) are suspended from a vertical rod by two rigid bars of length \(L=20 \mathrm{~cm}\) and negligible mass (Fig. 7.17, ). When the system rotates around the...
-
A body with a mass of \(m=2.5 \mathrm{~kg}\) (including a small amount of negligible mass of explosive) is thrown vertically upwards with an initial velocity of magnitude \(v_{0}\). When it reaches...
-
Determine the value at the end of year four of $200 deposited today into a savings account with an annual interest rate of 8.5 percent, compounded yearly. If an individual wanted to have $8,000 at...
-
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
-
DeFond Company purchased equipment for $50,000. For each of the following sets of assumptions, prepare a depreciation schedule (all years) for this equipment assuming that DeFond uses the...
-
Assume you are in the process of closing procedures for Echo Corporation. You have already closed all revenue and expense accounts to the Retained Earnings account. The total debits to Retained...
-
Use the information in Exercise 2-47 to complete the following. a. Prepare journal entries for each of the transactions 1 through 9. b. Set up T-accounts for each of the accounts used in part a and...
-
(a) Show that the variancecovariance matrix of the disturbances in (9.1) is given by (9.2). (b) Show that the two nonzero block matrices in (9.2) can be written as in (9.3). (c) Show that...
-
Using the Harrison and Rubinfeld (1978) data published in Belsley, Kuh and Welsch (1980) and provided on the Springer website as Hedonic.xls, reproduce Table 9.1. Perform the Hausman test based on...
-
Using the Monte Carlo setup for the unbalanced one-way error component model considered by Baltagi and Chang (1994), compare the various estimators of the variance components and the regression...
Study smarter with the SolutionInn App