Date Account Titles and Explanation Debit Credit January 11 February 1 July 29 A

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Date Account Titles and Explanation Debit Credit January 11 February 1 July 29 August 10 December 31 December 31 Problem 15-1 On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,600 shares of $100 par value, 6% cumulative and nonparticipating preferred stock, and 53,700 shares of $11 par value common stock. It then completed these transactions. Record the journal entries for the transactions listed above. (Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)

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