https:/ledugen wiley Weygandt, Accounting Principles, 12e Accounting Prinegees 1
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https:/ledugen wiley Weygandt, Accounting Principles, 12e Accounting Prinegees 1 & (Bu ss-15 Gradebeok ORION Downleadable eTextbook Problem 13-A Delong Corporation was organized on January 1, 2017, It is authorized to ssue a shares of t%, $100 par value preferred stock, and 475,000 shares of no- common stock with a stated value of $2 per share. The following stock transactions were completed an. 10 Issued 84,500 shares of common stock for cash at 4 per share. Mar. 1 Issued 4,050 shares of preferred stock for cash at $110 per share transactions were completed during the frst year 24,000 shares of common stock for land. The asking price of the land was $55,500. The tair value of the land was s83,500. May 1 Issued 83,000 shares of common stock Aug. 1 1ssued 12,000 shares of common stock to attorneys in payment of sheir bill of $40,500 for services performed in Sept. 1 issued 11,500 shares of common stock for cash at s5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. for cash at $5.25 per share helping the company orgaene Your answer is partially cerrect. Try again ioureaire-transactions" ( Record journal entries in the order presented entered. De not indent manualWy. the prmm. r account tiles are automati ally indented when amount " Account Ties and Explanation 5 7 8 9Explanation / Answer
Date Account titles & Explanations Debit Credit 10-Jan Cash (84,500*4) 338000 Common stock (84500*2) 169000 paid in capital in excess of stated value-CS 169,000 1-Mar Cash (4,050*110) 445500 preferred stock (4050*100) 405000 paid in capital in excess of par-PS 40500 1-Apr land 83,500 Common stock (24000*2) 48,000 paid in capital in excess of stated value-CS 35,500 1-May Cash (83000*5.25) 435750 Common stock (83000*2) 166000 paid in capital in excess of stated value-CS 269750 1-Aug Organizational expense 40,500 common stock (12000*2) 24,000 paid in capital in excess of stated value-CS 16,500 1-Sep Cash (11500*5) 57500 common stock (11500*2) 23000 paid in capital in excess of stated value-CS 34500 1-Nov Cash (2500*111) 277500 preferred stock (2500*100) 250000 paid in capital in excess of par -PS 27500 Preferred stock Date Explaination Ref Debit Credit Balance 1-Mar 405,000 405,000 1-Nov 250,000 655,000 common stock Date Explaination Ref Debit Credit Balance 10-Jan 169,000 169,000 1-Apr 48,000 217,000 1-May 166000 383,000 1-Aug 24,000 407,000 1-Sep 23000 430,000 paid in capital in excess of par -Preferred stock Date Explaination Ref Debit Credit Balance 1-Mar 40,500 40,500 1-Nov 27,500 68,000 paid in capital in excess of stated value-common stock Date Explaination Ref Debit Credit Balance 10-Jan 169,000 169,000 1-Apr 35,500 204,500 1-May 269750 474,250 1-Aug 16,500 490,750 1-Sep 34500 525,250 Balance sheet (partial) As on dec 31,2017 paid in capital Capital stock preferred stock 655,000 common stock 430,000 total capital stock 1,085,000 Addittional paid in capital paid in capital in excess of par -PS 68,000 paid in capital in excess of stated value-CS 525,250 total addittional paid in capital 593,250 total paid in capital 1,678,250
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