User Account

All Pages

Prepare the journal entries for these transactions

Assignment Help Accounting Basics
Reference no: EM131578112

Question -

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

Jan. 10

Issued 80,400 shares for cash at $7 per share.

Mar. 1

Issued 5,000 shares to attorneys in payment of a bill for $36,500 for services rendered in helping the company to incorporate.

July 1

Issued 33,000 shares for cash at $9 per share.

Sept. 1

Issued 63,100 shares for cash at $11 per share.

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

(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share.

Reference no: EM131578112

Questions Cloud

Perceived limitations to classic keynesian theory : Explain in three well-structured paragraphs the basic principles of the New Keynesian Economics and HOW it addresses perceived limitations to classic Keynesian.
What amount is basic earnings per share for the year ended : A company had the following outstanding shares as of January 1, year 2: What amount is basic earnings per share for the year ended December 31, year 2
Define a prime number divides a product of two integers : Use this to show that as b runs though the integers from 0 to p - 1, with p prime, the products a ·p b are all different.
What amount of compensation expense is recognized : A restricted stock award was granted at the beginning of 2015 calling for 3,000 shares of stock, What amount of compensation expense is recognized for 2017
Prepare the journal entries for these transactions : Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share
Briefly describe that achievement in epidemiology : Briefly describe that achievement in Epidemiology (1-2 paragraphs). In what era did this achievement occur?
Problem related to the given short message : A short message has been encoded by converting it to an integer by replacing each "a" by 1, each "b" by 2, and so on, and concatenating the integers.
Describe different budget strategies a health educator : Identify which of the Responsibilities and Competencies of a health educator a media campaign would address.
Prepare the journal entry to record the issuance : Coronado Corporation issued 356 shares of $10 par value common stock and 148 shares of $50 par value, Prepare the journal entry to record the issuance

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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