Jaguar Corporation was organized on March 1, 2013, to operate a delivery service
ID: 2445925 • Letter: J
Question
Jaguar Corporation was organized on March 1, 2013, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par-value common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 2013 follow.
Received a subscription for 200 shares of common stock at $105 per share from Joan Patterson, payable in two installments due in 10 and 20 days.
Received a subscription for 50 shares of preferred stock at $108 per share from Robert Tolliver, payable in two installments due in 15 and 30 days.
Received payment of a stock subscription installment due from Joan Patterson (one-half of the purchase price—see March 10 transaction).
Received payment of a stock subscription installment due from Robert Tolliver (one-half the purchase price—see March 14 transaction).
Received the balance due on the stock subscription of March 5 from Joan Patterson; issued the stock.
Record in general journal form the transactions listed above. (Record your transactions in the given order. Omit the "$" sign in your response.)
Jaguar Corporation was organized on March 1, 2013, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par-value common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 2013 follow.
Explanation / Answer
1) Issued 400 shares of common stock for cash at $100 per share to Jerri Harris.
Debit Cash(400 shares x $100) $40,000
Credit Common Stock $40,000
2) Issued 150 shares of preferred stock for cash at par value to Gloria Amos.
Debit Cash(150 shares x $100) $15,000
Credit Preferred Stock $15,000
3) Issued 150 shares of common stock for cash at $106 to Carolyn Reed.
Debit Cash(150 shares x $106) $15,900
Credit Common Stock $15,000
Paid in capital excess of Par $9,00
4) Received a subscription for 200 shares of common stock at $105 per share from Joan Patterson, payable in two installments due in 10 and 20 days.
Debit Stock subscriptions receivable (200 shares x $105 ) $11,000
Credit Common stock subscribed 11,000
5) Received a subscription for 50 shares of preferred stock at $108 per share from Robert Tolliver, payable in two installments due in 15 and 30 days.
Debit Stock subscriptions receivable (50 shares x $108 ) $54,00
Credit Preferred stock subscribed 54,00
6) Received payment of a stock subscription installment due from Joan Patterson (one-half of the purchase price—see March 10 transaction).
Debit Cash 5,500
Credit Stock subscriptions receivable - Common 5,500
Debit Common stock subscribed 5,500
Credit Common Stock 5,500
7) Received payment of a stock subscription installment due from Robert Tolliver (one-half the purchase price—see March 14 transaction).
Debit Cash 2,700
Credit Stock subscriptions receivable - preferred 2,700
Debit Preferred stock subscribed 2,700
Credit Preferred Stock 2,700
8) Received the balance due on the stock subscription of March 5 from Joan Patterson; issued the stock.
Debit Cash 5,500
Credit Stock subscriptions receivable - Common 5,500
Debit Common stock subscribed 5,500
Credit Common Stock 5,500
Debit Cash 2,700
Credit Stock subscriptions receivable - preferred 2,700
Debit Preferred stock subscribed 2,700
Credit Preferred Stock 2,700
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