User Account

All Pages

Prepare journal entries for transactions for collin raye co

Assignment Help Financial Accounting
Reference no: EM132584882

During its first year of operations Collin Raye Corporation had the following transactions pertaining to its common stock.

Jan. 10 issued 80,000 shares for each at $6 per share.

Mar. 1 issued 5,000 shares to attorneys in a payment of a bill for $35,000 for services rendered in helping the company to incorporate.

July 1 issued 30,000 shares for cash at $8 per share.

Sept. 1 issued 60,000 shares for each at $10 per share.

Question a) Prepare the journal entries for these transactions. Assuming that the common stock has a par value of $5 per share.

Question b) Prepare the journal entries for these transactions. Assuming that the common stock is no par with a stated value of $3 per share.

Reference no: EM132584882

Questions Cloud

Prepare lufia december stockholders equity section : Prepare Lufia's December 31,2003, stockholders' equity section. Lufia Corporation has the following account balances at December 31,2003.
How to prepare the journal entry to record issuance : The common stock has a market value of $20 per share, and the preferred stock has a market value of $90 per share. Prepare the journal entry to record issuance
Explain how they manage server capacity : Give an example of a service company and explain how they manage server capacity.
Valuation-acquisition analysis : Alpha Corporation has acquired the Beta Corporation in the start of year 2020. The available information before acquisition for both companies
Prepare journal entries for transactions for collin raye co : Prepare the journal entries for these transactions. Assuming that the common stock is no par with a stated value of $3 per share.
Describe the trends and patterns in crime for your state : Describe the trends and patterns in crime for your state and local city or zip code for the last 10 years. MY STATE IS CALIFORNIA, CITY IS YUCAIPA.
Describe sternberg three proposed components of love : Describe Sternberg's three proposed components of love. How do these components typically change during the lifetime of a relationship?
Record the issuance of common and preferred stock : Record the Issuance of Common and Preferred Stock.It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares
What specific behaviors do you want to increase or decrease : Describe the goal as target behaviors. What specific behaviors do you want to increase or decrease? Choose a means of monitoring your progress, such as a chart.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd