jayenow.com/ilrm/takeAssignment/takeAssi gnmentMain.do?invoker-assignments&takeA

Question

jayenow.com/ilrm/takeAssignment/takeAssi gnmentMain.do?invoker-assignments&takeAssignmentSessionLocator; assignment-take&inprogress-false; s & Problems eBook !' Show Me How Calculator Print Item tssuing Stock work place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 25,000 shares of 1% preferred stock, $65 par and 650,000 shares of $25 par common stock. The following selected transactions were completed during the first year of KSHEETAL operations: Journalize the transactions. July. 1. 1ssued 95,000 shares of common stock at par for cash KSHEET AL.. uly. 1 July. 1 Issued 450 shares of common stock at par to an attornev in pavment of lepai fees for organizing the corporation uly, 1 Aug. 7. Issued 21,500 shares of common stock 123,000, respectively in exchange for land, buildings, and equipment with fair market prices of $101,000, s550,000, and land, buildings, and For a compourd transaction, if an amount box does not require an entry, hawe it biank Check My Work 2 moto Cnec, MYork uses remaning : here to search

Explanation / Answer

Work Place Products Inc. Journal Date Account Head & Description Debit Amount Credit Amount July 1 Cash (95000*25) 2375000 Common stock 2375000 (to record the issue of common stock) July 1 Legal fees (450*25) 11250 Common stock 11250 (to record the issue of common stock against the legal fees payable) Aug 7 Land 101000 Buildings 550000 Equipments 123000 Common stock (21500*25) 537500 Additional paid-in capital - common stock (balance in figure) 236500 (to record the issue of common stock against the legal fees payable) Sep 20 Cash (33000*78) 2574000 1% Preferred stock (65*33000) 2145000 Additional paid-in capital - preferred stock (33000*13) 429000 (to record the issue of preferred stock)

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.