These Independent Companies Had the Following Transactions

question 192

Essay

These independent companies had the following transactions:
a.Long Corporation issued 4,500 shares of its $6 stated value common stock to Jack Smith Realty in exchange for land with a market value of $50,000
b.Short Corporation received $115,000 cash for 10,000 shares of its $10 par preferred stock
c.Middle Corporation issued 7,000 shares of its no-par common stock at $15 per share
Requirement:
Prepare the journal entries for these transactions.Use proper account titles and omit explanations.

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Definitions:

Automatic Processing

The ability of the brain to perform tasks with minimal or no conscious thought, often as a result of learning or repetition.

Recall, Recognition, And Relearning

Cognitive processes related to memory, where recall involves retrieving information without cues, recognition requires identifying information from available options, and relearning measures how much faster information is processed or learned again after it has been previously learned and forgotten.

Encoding

The initial process of transforming information into a form that can be stored in memory, an essential step in the creation of new memories.

Echoic Memory

A subtype of sensory memory that retains audio information for a brief period, usually up to several seconds after the original sound has ceased.