Accounting II 4.02

Beehive Corporation received cash from Honey Wells for 50 shares of $100 par value preferred stock at $70 per share, $3,500. What is the correct entry to record this transaction?

• Debit Cash $5,000 and credit Capital Stock - Preferred $5,000
• Debit Capital Stock - Preferred $5,000 and credit Cash $5,000
• Debit Cash $3,500 and Discount on Sale of Purchases Stock $1,500 and credit Capital Stock – Preferred $5,000
• Debit Capital Stock - Preferred $5,000 and credit Cash $3,500 and Discount on Sale of Preferred Stock $1,500

Lulu's Corporation received cash from Alan Bates for 100 shares of $10 stated value common stock at $12 per share, $1,200. What is the correct entry to record this transaction?

• Debit Cash $1,200 and credit Capital Stock - Common $1,000 and Paid in Capital in Excess of States Value - Common $200
• Debit Capital Stock - Common $1,000 and Paid in Capital in Excess of Stated Value - Common $200 and credit Cash $1,200
• Debit cash $1,000 and credit Capital Stock - Common $1,000
• Debit Capital Stock - Common $1,000 and credit cash $1,000

On April 17, Jackson Corporation received cash from Charles Preslar for 800 shares of Treasury Stock at $20 per share, $16,000. Treasury Stock was originally bought by Jackson Corporation on March 31 at $20 per share. What is the correct entry to record this transaction?

• Debit Treasury Stock $16,000 and credit Cash $16,000
• Debit Cash $16,000 and credit Treasury Stock $16,000
• Debit Cash $16,000 and credit Dividends Payable $16,000
• Debit Dividends - Preferred $16,000 and credit Cash $16,000

Sungsam Corporation received a parcel of land at an agreed-upon value $24,000 for 300 shares of $80 par value of preferred stock. What is the journal entry to record the transaction?

• Debit Capital Stock - Preferred $24,000 and credit Land $24,000
• Debit Land $24,000 and credit Capital Stock - Preferred $24,000
• Debit Cash $80 and credit Land $80
• Debit Land $80 and credit Cash $80

On October 10, Howard's Corporation bought back 500 shares of their $12 stated value common stock at $15 per share $7,500. What is the correct entry to record this transaction?

• Debit Treasury Stock $6,000 and credit Cash $6,000
• Debit Cash $6,000 and credit Treasury Stock $6,000
• Debit Cash $7,500 and credit Treasury Stock $7,500
• Debit Treasury Stock $7,500 and credit Cash $7,500

Jones Corporation received cash from Jesse Duncan for 1,000 shares of no-par value common stock at $16 per share, $16,000. What is the correct entry to record this transaction?

• Debit Cash $1,000 and credit Capital Stocck - Common $1,000
• Debit Cash $16,000 and credit Capital Stock - Common $16,000
• Debit Capital Stock - Common $16,000 and credit Cash $16,000
• Debit Capital Stock - Common $1,000 and credit Cash $1,000

On October 16, Johnson Corporation received cash from Steven Charles for 300 shares of Treasury Stock at $15 per share, $4,500. Treasury Stock was originally bought by Johnson Corporation on September 10 at $15 per share. What is the correct entry to record this transaction?

• Debit Cash $4,500 and credit Treasury Stock $4,500
• Debit Treasury Stock $4,500 and credit Cash $4,500
• Debit Cash $4,500 and credit Dividends Payable $4,500
• Debit Dividends - Preferred $4,500 and credit Cash $4,500

On October 15 Cooper Corporation received cash from Robbie Lefler for 100 shares of Treasury Stock at $13 per share, $1,300. Treasury Stock was originally bought for $18 per share. What is the correct entry to record this transaction?

• Debit Cash $1,800 and credit Treasury Stock $1,800
• Debit Treasury Stock $1,800 and credit Cash $1,800
• Debit Cash $1,300 and Paid-in Capital from Sale of Treasury Stock $500 and credit Treasury Stock $1,800
• Debit Treasury Stock $1,800 and credit Cash $1,300 and Paid-in Capital from Sale of Treasury Stock $500

Sandra Lee Corporation received cash from Bre Hampton for 100 shares of $60 par value preferred stock at $70 per share, $7,000. What is the journal entry to record this transaction?

• Debit Capital Stock - Preferred $6,000 and Paid in Capitsl in Excess of Par Value - Preferred $1,000 and credit Cash $7,000
• Debit Cash $7,000 and credit Capital Stock - Preferred $6,000 and Paid in Capital in Excess of Par Value - Preferred $1,000
• Debit Capital Stock - Preferred $7,000 and credit Cash $7,000
• Debit Cash $7,000 and credit Capital Stock - Preferred $7,000

On November 7 Blue Duck Corporation bought back 700 shares of their $11 stated value common stock at $17 per share $11,900. What is the correct entry to record this transaction?

• Debit Treasury Stock $11,900 and credit Cash $11,900
• Debit Cash $11,900 and credit Treasury Stock $11,900
• Debit Cash $7,700 and credit Treasury Stock $7,700
• Debit Treasury Stock $7,700 and credit Cash $7,700