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ile Edit View History Bookmarks People Window Help Take a Test - walhan youhanan e Secure https://www.mathxl.com/Student/PlayerTest.aspx?testld 183616970¢erwin-yes; BUS 120-ONLINE-5080 - Spring 2018 - R Farris Test: Exam 4: Ch 10-12 (Part 2 - Problems) This Question: 6 pts 1 of 7 (1 complete) C A Sarah Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. J?unalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Sarah Systems? nts wo Requirement 1. Joumalize the transactions. Explanations are not required. (Record debits frst, then Gredits. Exclude June 19: Issued 1,000 shares of $4 par common stock for cash of $10.00 per share. Journal Entry Date Accounts Debit Credit Jun 19 Choose from any l ist or enter any number in the input fields and then continue to the next question. Copyright 201 3 ?0 FI F3Explanation / Answer
Journal Entries
1
Cash Account
$ 10,000.00
To Common Stock
$ 4,000.00
To Additional Paid in Capital
$ 6,000.00
(being 1000 Common Stock Issued at premium)
2
Cash Account
$ 28,000.00
To Preferred Stock
$ 2,800.00
To Additional Paid in Capital
$ 25,200.00
(being 560 Prefered Stock Issued sold)
3
Purchase Account
$ 25,000.00
Equipment Account
$ 17,000.00
To Common Stock
$ 24,000.00
To Additional Paid in Capital
$ 18,000.00
(Being Common Stock Issued against Consideration other than cash)
Total Paid In Capital
$ 80,000.00
Total Additional Additional Paid in Capital
$ 49,200.00
Journal Entries
1
Cash Account
$ 10,000.00
To Common Stock
$ 4,000.00
To Additional Paid in Capital
$ 6,000.00
(being 1000 Common Stock Issued at premium)
2
Cash Account
$ 28,000.00
To Preferred Stock
$ 2,800.00
To Additional Paid in Capital
$ 25,200.00
(being 560 Prefered Stock Issued sold)
3
Purchase Account
$ 25,000.00
Equipment Account
$ 17,000.00
To Common Stock
$ 24,000.00
To Additional Paid in Capital
$ 18,000.00
(Being Common Stock Issued against Consideration other than cash)
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