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Serga [27]
3 years ago
15

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par common stock at $18, and on Nov

ember 19, it issued for cash 50,000 shares of preferred stock, $75 par at $80. a. Journalize the entries for October 31 and November 19.
Business
1 answer:
ivann1987 [24]3 years ago
8 0

Answer: The answer is as follows:

Explanation:

Journal entries are as follows:

For October 31:

Cash  (400,000 × $18)                   $7,200,000

Common stock  (400,000 × $10)                                          $4,000,000

Paid in capital in excess of par value-common stock         $3,200,000

( record of issuing common stock)

For November 19:

Cash  (50,000 × $80)                    $4,000,000  

Preferred stock (50,000 × $75)                                             $3,750,000

Paid in capital in excess of par value-Preferred stock        $250,000

( record of issuing preferred stock)

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ABC Tax Planning Service started business in January 2018. The company rented an office for $5,400 per month starting from Janua
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Answer:

balance in the Prepaid Rent account as of April 30 is $10800

Explanation:

given data

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rent paid = 6 month i.e January 1 to June 30

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balance in the Prepaid Rent account as of April 30

solution

we know here that Period Expired till April 30 = 4 months ( January 1 to April 30)

and

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so Prepaid Rent is = Balance Period × Rent per month

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so balance in the Prepaid Rent account as of April 30 is $10800

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2 years ago
These are selected 2022 transactions for Pronghorn Corporation:
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Answer:

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Dr Amortization expense 19,500

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Royal Dutch Shell(RDS) acquires ethanol fuel from Brazilian Cosan energy company. The Ethanol costs 500 million Brazilian Real(B
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Answer:

The answer is 5000 future contracts

Explanation:

Solution

Given that:

Royal Dutch buys ethanol fuel from Brazilian energy company

Nowm,

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