eBook (Show Me How Calculator Entries for issuing stock ructions Chart of Accoun

Question

eBook (Show Me How Calculator Entries for issuing stock ructions Chart of Accounts lournal Instructions Journalize the entries to record the following transactions for Mountain Realty Inc. Refer to the Chart of Accounts for exact wording of account tles. Aug. 26 Oct. 1 Nov. 30 Issued for cash 114,000 shares of no-par common stock (with a stated value of $5) at $9. issued at par value 38,000 shares of preferred 1% stock, $10 par for cash. Issued for cash 18,000 shares of preferred 1% stock, $10 par at $14.

Explanation / Answer

Answer

date particulars debit credit 26, aug bank account 1026000 TO common stock 570000 TO additional in capital 456000 1 , oct bank account 38000 TO preferred stock 38000 30 , nov bank account 252000 TO preferred stock 180000 TO additional capital 72000

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