Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. garner corporation is authorized to issue 1,000,00

Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock During...

50.1K

Verified Solution

Question

Accounting

image
Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock During 2016, its first year of operation, the company has the following stock transactions. Instructions: Journalize the transactions IN GOOD FORM for Garner Corporation. Jan. 1 Issued 500,000 shares of stock at $7 per share. Date Account Debit Credit Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment legal services rendered in helping the company incorporate. The legal services estimated to have a value of $8,000. Account Debit Credit Date July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900 The stock is currently selling on a national exchange at $8 per share. Account Debit Credit Date Sept. 5 Date Purchased 15,000 shares of treasury stock at $10 per share. Account Debit Credit Dec. 6 Date Sold 11,000 shares of the treasury stock at $11 per share. Account Debit Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

QUESTION. 1. Define Common Core State Standards (CCSS) (include the definitions of curriculum versus standards). 2. State the concern...

General Management
1.2K views

In what 3 cycles are most performance reviews conducted?

Basic Math
1.2K views

An employee has two options for positions in a large corporation. One position pays $13.30...

Basic Math
1.2K views

Find all real solutions of the equation 9t-7=29.Write your answers as a list, using a...

Statistics
1.2K views

of each month is 5000 and the anuity period is 5 years The annual interest...

Algebra
1.2K views

1 Solve by completing the square x 2x 15 0

Accounting
1.2K views

Lien makes the following purchases of shares of Intech a public Canadian company 1/1/2001...

Accounting
1.2K views

Please be fast solve as early as possible Using the latest observation in...

Accounting
1.2K views

explain 450 words In a corporate, networked setting, should end users be allowed to install...

Accounting
1.2K views

#21 Tyffany and Phil are discussing the various types of engagements a CPA firm...

Accounting
1.2K views

Please help with these questions!! 1 2 3 ...

Finance
1.2K views

A firm is considering a 4-year project shown below: 0 1 2 3 4 YEAR...