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$1.00 Accounting Help ASAP

  • From Business: Accounting
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  • Due on Jul. 05, 2011
  • Asked on Jul 05, 2011 at 6:04:25PM
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mcspalding
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Q:

Finney Corporation is authorized to issue 1,000,000 shares of $2 par value

common stock. During 2005, its first year of operation, the company has the following

stock transactions.

Jan. 1 Paid the state $2,000 for incorporation fees.

Jan. 15 Issued 500,000 shares of stock at $7 per share.

Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for

legal services rendered in helping the company incorporate. The legal services

are estimated to have a value of $5,000.

July 2 Issued 100,000 shares of stock for land. The land had an asking price of

$900,000. The stock is currently selling on a national exchange at $8 per share.

Sept. 5 Purchased 15,000 shares of common stock for the treasury at $9 per share.

Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share.

Instructions: Prepare General Journal entries for the transactions of Finney Corporation.

 

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  • Posted on Jul. 06, 2011 at 12:01:04AM
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A:
Preview: ...                 Account Titles and Explanation                                                             DR             CR 2005                                                                                                           $                $ Jan1 Organisation costs                                                                              2,000            Cash                                                                                                               2,000       (paid state  for incorporation fee) Jan15 Cas ...
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