Record journal entries for each of the following unrelated transactions:
a. On July 5, Adobe Corporation issued 500 of its common shares for a total of $10,000.
b. On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for land valued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago, 500 preferred shares were issued for $35 a share.
c. On March 3, Colton Corporation has a Common Share account balance of $200,000, and has 20,000 shares issued. For the first time ever, Colton reacquired and cancelled 1,000 of its common shares, paying $12 a share.
d. Dagmar Corporation has 10,000 convertible preferred shares that were issued for a total of $500,000. Each preferred share is convertible into 3 common shares. On April 8, when the market values of the preferred and common shares are $60 and $24 respectively, 2,000 preferred shares are converted.
e. On April 12, Hobson Corporation declared a quarterly dividend of $0.05 per share on its 200,000 common shares. The dividend will be paid on Apr 29, to the shareholders of record on April 19. Prepare the journal entry necessary for each date.

Question

Quizplus · Accepted Answer

The Answer of Record journal entries for each of the following unrelated transactions:
a. On July 5, Adobe Corporation issued 500 of its common shares for a total of $10,000.
b. On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for land valued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago, 500 preferred shares were issued for $35 a share.
c. On March 3, Colton Corporation has a Common Share account balance of $200,000, and has 20,000 shares issued. For the first time ever, Colton reacquired and cancelled 1,000 of its common shares, paying $12 a share.
d. Dagmar Corporation has 10,000 convertible preferred shares that were issued for a total of $500,000. Each preferred share is convertible into 3 common shares. On April 8, when the market values of the preferred and common shares are $60 and $24 respectively, 2,000 preferred shares are converted.
e. On April 12, Hobson Corporation declared a quarterly dividend of $0.05 per share on its 200,000 common shares. The dividend will be paid on Apr 29, to the shareholders of record on April 19. Prepare the journal entry necessary for each date.

Record Journal Entries for Each of the Following Unrelated Transactions