Journal entries for issuing additional shares
Not what you're looking for?
Record the following selected transactions in general journal form for Sun Orthopedic Clinic, Inc.Include a brief explanation of the transaction as part of each journal entry.
Oct. 1 The clinic issued 4,000 additional shares of capital stock to Doctor Soges at $50 per share.
Oct. 4 The clinic purchased diagnostic equipment. The equipment cost $75,000, of which $25,000 was paid in cash; a note payable was issued for the balance.
Oct. 12 Issued a check for $9,000 in full payment of an account payable to Zeller Laboratories.
Oct. 19 Purchased surgical supplies for $2,600. Payment is not due until November 28.
Oct. 25 Collected a $24,000 account receivable from Health One Insurance Company.
Oct. 30 Declared and paid a $300,000 cash dividend to stockholders.
Purchase this Solution
Solution Summary
This discusses the journal entries for issuing additional shares
Solution Preview
Oct 1. Cash Dr. 200000
To Capital Stock A/c 200000
(Being 4000 additional shares issued@ $50 per share. )
Oct 4. Equipment A/c Dr. 75000
To Notes Payable 50000
...
Purchase this Solution
Free BrainMass Quizzes
Motivation
This tests some key elements of major motivation theories.
Introduction to Finance
This quiz test introductory finance topics.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.