Date Account Titles and Explanation Debit Credit Jan. 10 Mar. 1 Apr. 1 May 1 Aug

Question

Date

Account Titles and Explanation

Debit

Credit

Jan. 10

Mar. 1

Apr. 1

May 1

Aug. 1

Sept. 1

Nov. 1

Preferred Stock

Date

Explanation

Ref

Debit

Credit

Balance

J5

J5

Common Stock

Date

Explanation

Ref

Debit

Credit

Balance

J5

J5

J5

J5

J5

Paid-in Capital in Excess of Par-Preferred Stock

Date

Explanation

Ref

Debit

Credit

Balance

J5

J5

Paid-in Capital in Excess of Stated Value-Common Stock

Date

Explanation

Ref

Debit

Credit

Balance

J5

J5

J5

J5

J5

DELONG CORPORATION
Balance Sheet (Partial)
December 31, 2014

DeLong Corporation was organized on January 1, 2014. It is authorized to issue 10,700 shares of 8%, $100 par value preferred stock, and 452,900 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 84,200 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,000 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 22,800 shares of common stock for land. The asking price of the land was $93,300. The fair value of the land was $83,100. May 1 Issued 83,500 shares of common stock for cash at $4.90 per share. Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $40,300 for services performed in helping the company organize. Sept. 1 Issued 11,100 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,990 shares of preferred stock for cash at $111 per share.

Explanation / Answer

Preferred Stock

Common Stock

Date Account title Debit Credit Jan-10 Cash 336800            Common Stock 168400            Paid in Capital in Excess of Stated Value-Common Stock 168400 Mar-01 Cash 436000            Preferred Stock 400000            Paid in Capital in Excess of Par Value- Preferred Stock 36000 Apr-01 Land 93300            Common Stock 93300 May-01 Cash 409150            Common Stock 167000            Paid in Capital in Excess of Stated Value-Common Stock 242150 Aug-01 Prelimanary Expenses 40300            Common Stock 40300 Sep-01 Cash 55500            Common Stock 22200            Paid in Capital in Excess of Stated Value-Common Stock 33300 Nov-01 Cash 220890            Preferred Stock 199000            Paid in Capital in Excess of Par Value- Preferred Stock 21890

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