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In: Accounting
Comprehensive Problem 4 Part 1: Selected transactions completed by Equinox Products Inc. during the fiscal year...
Comprehensive Problem 4
Part 1:
Selected transactions completed by Equinox Products Inc.
during the fiscal year ended December 31, Year 1, were as
follows:
1. Journalize the selected transactions.
If no entry is required, select "No entry required" from the
dropdown. For a compound transaction, if an amount box does not
require an entry, leave it blank.
a. Issued 15,000 shares of $20 par common stock at $30,
receiving cash.
Description Debit Credit
Cash
Common Stock
Paid-In Capital in Excess of Par-Common Stock
b. Issued 4,000 shares of $80 par preferred 5% stock at $100,
receiving cash.
Description Debit Credit
Cash
Preferred Stock
Paid-In Capital in Excess of Par-Preferred Stock
c. Issued $500,000 of 10-year, 5% bonds at 104, with interest
payable semiannually.
Description Debit Credit
Cash
Bonds Payable
Premium on Bonds Payable
d. Declared a quarterly dividend of $0.50 per share on common
stock and $1.00 per share on preferred stock. On the date of
record, 100,000 shares of common stock were outstanding, no
treasury shares were held and 20,000 shares of preferred stock were
outstanding.
Description Debit Credit
Cash Dividends
Cash Dividends Payable
Common stock
Cash Dividends
Cash Dividends Payable
Preferred stock
e. Paid the cash dividends declared in (d).
Description Debit Credit
Cash Dividends Payable
Cash
f. Purchased 7,500 shares of Solstice Corp. at $40 per share
plus a $150 brokerage commission. The investment is classified as
an available-for-sale investment.
Description Debit Credit
Investments in Solstice Corp. Stock
Cash
g. Purchased 8,000 shares of treasury common stock at $33 per
share.
Description Debit Credit
Treasury Stock
Cash
h. Purchased 40,000 shares of Pinkberry Co. stock directly
from the founders for $24 per share. Pinkberry has 125,000 shares
issued and outstanding. Equinox Products Inc. treated the
investment as an equity method investment.
Description Debit Credit
Investment in Pinkberry Co. Stock
Cash
i. Declared a $1.00 quarterly cash dividend per share on
preferred stock. On the date of record, 20,000 shares of preferred
stock had been issued.
Description Debit Credit
Common Stock
Cash Dividends Payable
j. Paid the cash dividends to the preferred
stockholders.
Description Debit Credit
Cash Dividends Payable
Cash Dividends Payable
k. Received $27,500 dividend from Pinkberry Co. investment in
(h).
Description Debit Credit
Common Stock
Cash
l. Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly
from the issuing company, at their face amount plus accrued
interest of $375. The bonds are classified as a held-to-maturity
long-term investment.
Description Debit Credit
Investments in Dream Inc. Bonds
No entry required
Interest Receivable
m. Sold, at $38 per share, 2,600 shares of treasury common
stock purchased in (g).
Description Debit Credit
n. Received a dividend of $0.60 per share from the Solstice
Corp. investment in (f).
Description Debit Credit
o. Sold 1,000 shares of Solstice Corp. at $45, including
commission.
Description Debit Credit
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Comprehensive Problem 4 Part 1: Selected transactions completed by Equinox Products Inc. during the fiscal year...
Comprehensive Problem 4
Part 1:
Selected transactions completed by Equinox Products Inc. during
the fiscal year ended December 31, 20Y8, were as follows:
1. Journalize the selected transactions.
If no entry is required, select "No entry required" from the
dropdown and leave the amount boxes blank. For a compound
transaction, if an amount box does not require an entry, leave it
blank.
CHART OF ACCOUNTS:
CASH
COMMON STOCK
PAID IN CAPITAL IN EXCESS OF PAR-COMMON
STOCK
RETAINED EARNINGS
NO ENTRY...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1,...
Selected transactions completed by Equinox Products Inc. during
the fiscal year ended December 31, Year 1, were as follows:
Record on journal page 11:
Oct.
1
Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly
from the issuing company, at their face amount plus accrued
interest of $375. The bonds are classified as a held-to-maturity
long-term investment.
7
Sold, at $38 per share, 2,600 shares of treasury common stock
purchased on Jun. 8.
14
Received a dividend of $0.60 per...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1,...
Selected transactions completed by Equinox Products Inc. during
the fiscal year ended December 31, Year 1, were as follows:
Record on journal page 10:
Jan.
3
Issued 15,000 shares of $20 par common stock at $30, receiving
cash.
Feb.
15
Issued 4,000 shares of $80 par preferred 5% stock at $100,
receiving cash.
May
1
Issued $500,000 of 10-year, 5% bonds at 104, with interest
payable semiannually.
16
Declared a quarterly dividend of $0.50 per share on common
stock and...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were...
Selected transactions completed by Equinox Products Inc. during
the fiscal year ended December 31, 20Y8, were as follows:
Record on journal page 10:
Jan.
3
Issued 15,000 shares of $20 par
common stock at $30, receiving cash.
Feb.
15
Issued 4,000 shares of $80 par
preferred 5% stock at $100, receiving cash.
May
1
Issued $500,000 of 10-year, 5%
bonds at 104, with interest payable semiannually.
16
Declared a quarterly dividend of
$0.50 per share on common stock and $1.00...
Comprehensive Problem 4 (Part A) Instructions Chart of Accounts Journal Instructions Selected transactions completed by Equinox...
Comprehensive Problem 4 (Part A)
Instructions
Chart of Accounts
Journal
Instructions
Selected transactions completed by Equinox Products Inc. during the
fiscal year ended December 31, 20Y8, were as follows:
Record on journal page 10:
Jan.3Issued 15,000 shares of $20 par common
stock at $30, receiving cash.Feb.15Issued 4,000 shares of $80
par preferred 5% stock at $100, receiving cash.May1Issued
$500,000 of 10-year, 5% bonds at 104, with interest payable
semiannually.16Declared a quarterly dividend of $0.50 per share on
common stock and $1.00 per share on preferred stock....
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year...
Comprehensive Problem 3
Part 1:
Selected transactions completed by Kornett Company during its
first fiscal year ended December 31, 20Y5, were as follows:
1. Journalize the selected transactions. Assume
360 days per year.
If no entry is required, select "No entry required" from the
dropdown and leave the amount boxes blank. For a compound
transaction, if an amount box does not require an entry, leave it
blank.
Jan. 3: Issued a check to establish a petty
cash fund of $4,500....
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year...
Comprehensive Problem 3
Part 1:
Selected transactions completed by Kornett Company during its
first fiscal year ended Dec. 31, 20Y8, were as follows:
1. Journalize the selected transactions. Assume
360 days per year.
If no entry is required, select "No entry required" from the
dropdown and leave the amount boxes blank. For a compound
transaction, if an amount box does not require an entry, leave it
blank.
Jan. 3: Issued a check to establish a petty
cash fund of $4,500....
ONLY NEED LETTER J ONLY NEED LETTER J Comprehensive Problem 4 Part 1: Selected transactions completed...
ONLY NEED LETTER J
ONLY NEED LETTER J
Comprehensive Problem 4
Part 1:
Selected transactions completed by Equinox Products Inc. during
the fiscal year ended December 31, 20Y8, were as follows:
1. Journalize the selected transactions.
If no entry is required, select "No entry required" from the
dropdown and leave the amount boxes blank. For a compound
transaction, if an amount box does not require an entry, leave it
blank.
a. Issued 15,000 shares of $20 par common stock
at...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common stock 3 for 1 and
reduced the par from $75 to $25 per share. After the split, there
were 1,279,500 common shares outstanding.
Mar.
10.
Purchased 39,200 shares of the
corporation’s own common stock at $27, recording the stock at
cost.
Apr.
30.
Declared semiannual dividends of
$0.90 on 75,000 shares of preferred stock and $0.15 on the common
stock...
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan....
Selected transactions completed by ATV Discount Corporation
during the current fiscal year are as follows:
Jan.
5.
Split the common
stock 4 for 1 and reduced the par from $20 to $5 per share. After
the split, there were 4,000,000 common shares outstanding.
Mar.
10.
Purchased 100,000
shares of the corporation’s own common stock at $30, recording the
stock at cost.
Apr.
30.
Declared semiannual
dividends of $0.25 on 30,000 shares of preferred stock and $0.08 on
the common stock...
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