Score: 0 of 3 pts P10-75A (similar to) HW Score: 0% aeston London Jewelry Compan

ID: 2565532 • Letter: S

Question

Score: 0 of 3 pts P10-75A (similar to) HW Score: 0% aeston London Jewelry Company reported the following summariced balance sheet at December 31,2016 E (Cick the icon to view the statement ) Duing 2017, London Jewelry completed these tansactions that aflected stockholders' equty (Cick the icon to vew the transactioms) Data Table Jounalize London Jewrlyt's transacions Explanaions are not sequired 2Ropot London Jewelryo's stockholdes equity at December 31, 2017. Net income for 2017 was $30,000 Assets $33,300 Requirement 1. Jounaline London Feb 13 Issed 5.200 shares of common stock for 55 per share JevweliryC's transactions. Explanations are net reqiredRecord debils est Propenty and equipment net Tetal assets 102,800 Lisbilitlies and Equity Journal Entry s 37 00 Account Debit Stockholders equity Feb 13 $080 cumulative preferred $15por, 500 shanesissed Common stock 52 par 5.900 shares isued Paid-in capital in excess of pa -commor Retained earnings otal Sabes and equity 11,000 20.000 Choose trom any ist or enter any number in the input fields and then cick Check Answer 5 102 000 Type here to search beatsoudc 6 40

Explanation / Answer

Date

Accounts

Debit

Credit

Feb. 13

Cash (5,200*$5)

$ 26,000.00

Common stock (5,200*$2)

$ 10,400.00

Paid in capital in excess of par - Common

$ 15,600.00

It can be seen from the balance sheet that the par value of the common stock is $2 per share. Hence any amount received in excess of par value shall be credited to Paid in capital in excess of par