Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jeanie wong, a biochemistry professor, organized b

Jeanie Wong, a biochemistry professor, organized Biogentech company early this year. The firm will manufacture...

90.2K

Verified Solution

Question

Accounting

image

Jeanie Wong, a biochemistry professor, organized Biogentech company early this year. The firm will manufacture antibiotics using gene splicing technology. Biogentech's charter authorizes the firm to issue 5,000 shares of 12%, $50 par preferred stock and 100,000 shares of $10 par common stock. During the year, the firm engaged in the following transactions listed below. a. Issued 25,000 common shares to Jeanie Wong in exchange for $420,000 cash. b. Sold 10,000 common shares to a potential customer for $11 per share. c. Issued 3,000 shares of preferred stock to a venture capital firm for $52 per share. d. Gave 75 shares of common stock to Margaret Robb, a local attorney, in exchange for Margaret's work in arranging for the firm's incorporation. Margaret usually charges $900 for an incorporation. Required: Prepare a journal entry for each of these transactions. (Record sale of common stock) (Record sale of common stock) (Record sale of preferred stock)

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

Basic Math
1.2K views

1) The red blood cells counts of women are normally distributed with a mean of 4.577...

Chemistry
1.2K views

  use the steady state approximation 2N2O5 (g) → 4NO2 (g) + O2 (g) The mechanism is based on:   N2O5 → NO2 + NO3    ka   NO2 + NO3 → N2O5    k'a   NO2 +...

Programming
1.2K views

What is the difference between an attribute and a metric? Give an example each of an...

Biology
1.2K views

Based on the article and the video below explain why social welfare programs lead workers...

Physics
1.2K views

A sound wave is determined to have a frequency of 1 000 Hz and a...

Geometry
1.2K views

5 e Question Answer Attempt 1 out of 5 In APQR m P 101 and...

Basic Math
1.2K views

Complete the following truth table p q v q Pq 0 0 01 10 11...

Accounting
1.2K views

Amount LEASE Item Description (\$) Initial Payment 1a. Capital Cost Reduction 5 1b. Security Deposit...

Accounting
1.2K views

19.Find an equation of the line that has slope n-andy-intercept b-s c. 85 d. Write...

Accounting
1.2K views

Problem 5.8AA Perlodic: Income comparlsons and cost flows LO A1, P3 QP Corp. sold 5,500...

Accounting
1.2K views

On March 2, 2021, HABIBIYUCK bought an equipment costing P1,200,000. It is the Company's policy...

Finance
1.2K views

Krista borrowed $17,375. The loan is to be repaid by three equal payments due in...