nfr.uni Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACC 2000 tice
ID: 2512260 • Letter: N
Question
nfr.uni Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACC 2000 tice ment DeLong Corporation was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 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 80,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000. May 1 Issued 80,000 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Your answer is partially correct. Try again. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automat amounts.) when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the CreditExplanation / Answer
In the book of DeLong Corporation:
DeLong Corporation
Balance Sheet ( Partial)
December 31, 2019
Date Account Titles Debit Credit 2019 $ $ Jan 10 Cash 320,000 Common Stock 160,000 Paid-in Capital in Excess of Stated Value : Common Stock 160,000 Mar 1 Cash 525,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par : Preferred Stock 25,000 Apr 1 Land 85,000 Common Stock 48,000 Paid-in Capital in Excess of Stated Value : Common Stock 37,000 May 1 Cash 360,000 Common Stock 160,000 Paid-in Capital in Excess of Stated Value : Common Stock 200,000 Aug 1 Organization Expense 30,000 Common Stock 20,000 Paid-in Capital in Excess of Stated Value : Common Stock 10,000 Sep 1 Cash 50,000 Common Stock 20,000 Paid-in Capital in Excess of Stated Value: Common Stock 30,000 Nov 1 Cash 109,000 Preferred Stock 100,000 Paid-in Capital in Excess of Par: Preferred Stock 9,000Related Questions
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