1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ser-zykov [4K]
1 year ago
13

justin corp. issues 10,000 shares of $1 par value common stock for $5 per share. the journal entry to record this transaction wi

ll include which of the following?
Business
1 answer:
enyata [817]1 year ago
6 0

The record of the issuance of the stock is debit to cash for $50,000, credit to common stock for $10,000 and credit to excess of common stock of $40,000.

<h3>How to record journal entry for the following transactions?</h3>

A. Entries of the stock

1. Account(cash)

Cash=10,000 shares at $5 per share

Cash=10,000×5=$50,000

Cash to Debit=$50,000

Credit this account=$0

2. Account (common stock)

Common stock=10,000 shares at $1 per value common stock

Common stock=10,000×1=$10,000

Credit account=$10,000

Debit this account=$0

3. Account (Paid-in Capital in Excess of Par - Common Stock)

Paid in capital in excess of par-common stock=50,000-10,000=$40,000

Credit this account=$40,000

Debit this account=$0

This can be written as;

Account                                                Debit ($)                         Credit ($)

Cash (10,000 shares×$5 price)           50,000  

Common Stock (10,000 shares×$1 par)                                     10,000

Paid-in Capital in Excess of Par - Common Stock                     40,000

The record of the issuance of the stock is debit to cash for $50,000, credit to common stock for $10,000 and credit to excess of common stock of $40,000.

To know more about journal entry, refer:

brainly.com/question/14098819

#SPJ4

You might be interested in
Steve’s Lumber Company features a large selection of materials for flooring, decks, moldings, windows, siding and roofing. It is
liq [111]

Answer:

1. The major issue in the process is the lack of communication between different parties. The process being manually driven, might affect the customer satisfaction and lead to lost sales. The changes which need to be made is to make available the price information of different items at once, when the customer comes in to place an order. This can be made possible by asking the suppliers to send the updated sheet every morning before the day's business begins. It will be better if the entire uncatalogued as well as the price sheet is in electronic form, which can be updated immediately, as soon as the information is received from supplier in the morning. One better alternative is to connect the suppliers through an ERP so that their price might reflect at the company's end as soon as it is updated, It will reduce much hassle and mistakes that might creep in due to manual process.

2. a. The number of customers leaving per day / week to competitors due to inefficiency.

b. Total average delay in customer's order.

c. Customer satisfaction rating of the process as this will give the overall picture of customer's opinion about the company.

3. The information system might enable the suppliers to update their information each day which can then be used by the company reps to find out the right price of an item and enable him /her to provide the estimate immediately, leading to greater customer satisfaction, reducing the lost sales and eliminating the chances of a wrong quote being given.

4 0
3 years ago
whether you write a on page resume a two page resume, or a combination of both, what is the key to writing an effective resume
MariettaO [177]
There’s no problems in the writing
8 0
3 years ago
Read 2 more answers
"Which type of report would help the company study available options and how should it be organized?"
oksian1 [2.3K]

a yardstick report would be used. it would be organized indirectly, describing the problem, explaining alternatives, establishing criteria for comparison, evaluating each alternative in terms of the criteria, and making recommendations.

6 0
3 years ago
John is a successful businessman. He always maintains a high bank balance. Hence the bank pays him interest. John uses this acco
ratelena [41]

Answer:

Interest-bearing checking accounts

Explanation:

Interest bearing checking accounts provide the customers with a certain amount of interest rates depending on the amount of balance the customers have in their checking accounts.

In general, the interest rate from interest-bearing checking accounts wouldn't be as high as normal saving account. But, many people often use this because it is easier to liquidate your cash through this type of accounts. Fast liquidation make this type of account a convenient options for someone who often conduct a purchase.

4 0
3 years ago
Events that occur after the December 31, 2021 balance sheet date, but before the balance sheet is issued, and provide additional
Serhud [2]

Answer:

C) used to record an adjustment to Bad Debt Expense for the year ending December 31, 2021.

Explanation:

Retained earnings account cannot be adjusted after December 31 (or whenever the balance must be done), but bad debt expense can be adjusted, specially if it increases.

Generally a company estimates it bad debt expense, the different methods used to estimate bad debts (allowance, percentage or aging methods) are used more commonly than the direct write-off method. But as every estimate, they can be close to reality or not.

E.g. some companies might have a very important client that represents a large portion of their credit sales, and if suddenly that large client that had always paid on time defaults, that event must be included in the balance sheet since the bad debts expense will increase significantly.

6 0
3 years ago
Other questions:
  • When builders were constructing a sidewalk they forgot to include an expansion joint between two of the?
    5·1 answer
  • Bulluck Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or Rate Direct m
    7·1 answer
  • Consider a small country that is closed to trade, so its net exports are equal to zero. The following equations describe the eco
    5·1 answer
  • EstWhich titles. Fits this vin diagram best
    9·1 answer
  • About (a) A manager must select three coders from her group to write three different software projects. There are 7 junior and 3
    7·2 answers
  • Kuzio Corporation produces and sells a single product. Data concerning that product appear below:
    12·1 answer
  • A company's chart of accounts is: a detailed list of the accounts that make up the five financial statement elements. the set of
    13·1 answer
  • Read the scenario, and answer the question.
    7·1 answer
  • Which theme can be found in both "If" and The Jungle Book by Rudyard Kipling?
    9·2 answers
  • What are three elements of negligence?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!