Free Printable A2 Chapter 10: Organizing a Corporation

Worksheets

A2 Chapter 10: Organizing a Corporation

Total questions: 11

Worksheet time: 6mins

Name

Class

Date

Barnes Corporation received cash from Mary James for 100 shares of $200 par value preferred stock at $200 per share. The journal entry to record the transaction is:

debit Cash, $20,000; credit Capital Stock-Preferred, $20,000.

debit Capital Stock-Preferred, $20,000; credit Cash, $20,000.

debit Cash, $200; credit Capital Stock-Preferred, $200.

debit Cash, $100; credit Capital Stock-Preferred, $100.

Salem Corporation received cash from John Smith for 70 shares of $150 par value preferred stock at $150 per share. The journal entry to record the transaction is:

debit Capital Stock-Preferred, $10,500; credit Cash, $10,500.

debit Cash, $10,500; credit Capital Stock-Preferred, $10,500.

debit Cash, $150; credit Capital Stock-Preferred, $150.

debit Cash, $70; credit Capital Stock-Preferred, $70.

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

debit Cash, $5,000; credit Capital Stock-Preferred, $5,000.

debit Capital Stock-Preferred, $5,000; credit Cash, $5,000.

debit Cash, $3,500, Discount on Sale of Preferred Stock, $1,500; credit Capital Stock-Preferred $5,000.

debit Capital Stock-Preferred, $5,000; credit Cash, $3,500, Discount on Sale of Preferred Stock, $1,500.

Jordan Corporation received cash from Mary Mills for 200 shares of $50 par value preferred stock at $45 per share for a total of $9,000. The journal entry for this transaction is:

debit Cash, $10,000; credit Capital Stock-Preferred, $10,000.

debit Capital Stock-Preferred, $10,000; credit Cash, $10,000.

debit Cash, $9,000, Discount on Sale of Preferred Stock, $1,000; credit Capital Stock-Preferred, $10,000.

debit Capital Stock-Preferred, $10,000; credit Cash, $9,000, Discount on Sale of Preferred Stock, $1,000.

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

debit Cash, $1,200; credit Capital Stock-Common, $1,000, Paid-in Capital in Excess of Stated Value-Common, $200.

debit Capital Stock-Common, $1,000, Paid-in Capital in Excess of Stated Value-Common, $200; credit Cash, $1,200.

debit Cash, $1,000; credit Capital Stock-Common, $1,000.

debit Capital Stock-Common, $1,000; credit Cash, $1,000.

Baha Corporation received office furniture at an agreed-upon value of $12,000 in exchange for 200 shares of $60 par value preferred stock. The journal entry to record this transaction is:

debit Capital Stock-Preferred, $60; credit Cash, $60.

debit Cash, $12,000; credit Capital Stock-Preferred, $12,000.

debit Office Furniture, $12,000; credit Capital Stock-Preferred, $12,000.

debit Capital Stock-Preferred, $12,000; credit Office Furniture, $12,000.

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

debit Capital Stock-Preferred, $24,000; credit Land, $24,000.

debit Land, $24,000; credit Capital Stock-Preferred, $24,000.

debit Cash, $80; credit Land, $80.

debit Land, $80; credit Cash, $80.

Carol Corporation received cash from John Adams for 150 shares of $12 stated value common stock at $15 per share for a total of $2,250. The correct entry to record this transaction is:

debit Capital Stock-Common, $1,800; credit Cash, $1,800.

debit Cash, $1,800; credit Capital Stock-Common, $1,800.

debit Cash, $2,250; credit Capital Stock-Common, $1,800, Paid-in Capital in Excess of Stated Value-Common, $450.

debit Capital Stock-Common, $1,800, Paid-in Capital in Excess of Stated Value-Common, $450; credit Cash, $2,250.

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

debit Capital Stock-Common, $16,000; credit Cash, $16,000.

debit Cash, $16,000; credit Capital Stock-Common, $16,000.

debit Cash, $1,000; credit Capital Stock-Common, $1,000.

debit Capital Stock-Common, $1,000; credit Cash, $1,000.

10.

Dancy Corporation received cash from Amos Little for 50 shares of no-par value common stock at $20 per share for a total of $1,000. The correct entry to record this transaction is:

debit Cash, $50; credit Capital Stock-Common, $50.

debit Capital Stock-Common, $1,000; credit Cash, $1,000.

debit Cash, $1,000; credit Capital Stock-Common, $1,000.

debit Cash, $5,000; credit Capital Stock-Common, $5,000.

11.

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

debit Capital Stock-Preferred, $6,000, Paid-in Capital in Excess of Par Value-Preferred, $1,000; credit Cash, $7,000.

debit Cash, $7,000; credit Capital Stock-Preferred, $6,000, Paid-in Capital in Excess of Par Value-Preferred, $1,000.

debit Capital Stock-Preferred, $7,000; credit Cash, $7,000.

debit Cash, $7,000; credit Capital Stock-Preferred, $7,000.

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A2 Chapter 10: Organizing a Corporation

Total questions: 11

Worksheet time: 6mins

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