cii Seoure http://edugen.wleyplus.co WileyPLUS weygandt, Accounting Principlcs,
ID: 2581224 • Letter: C
Question
cii Seoure http://edugen.wleyplus.co WileyPLUS weygandt, Accounting Principlcs, 12e PRINCIPLES OF ACCOUNTING (ECON 250) Problem 13 1A (Part Level Submission) DLono Corporation as organized n 1anuary 1 2017 It is authorized to las e 2.500 shares oe a s 100 par valua praterred stock and S 13,000 shares or no par common stock with a stated valua ot S2 per share. The tollowing stock transactions chapter 13 Gratled era completed dutnq an 10 Isaued 78,000 hares at common steck tor cach at $4 per share. Mar. 1 Issued 5,730 shares of preferred stock for cach at £120 per share May Aug. Isaued B1,500 shares ot comman stcck tor cach at $4.25 per hars 1 Issued 10,500 shares of common stock to ttomers in payment of their bil cf 42,000 for services perfomed in heping the company crpanze. Nov. 1 Issued 3,000 shares at praterred stock tor cash at sice per share- (a) Account Tiies and Explanation HarL Caah i 4.24 24 O lype here to searchExplanation / Answer
Date Account Head & Description Debit Amount Credit Amount Jan 10 Cash (78000*4) 312000 Common stock (78000*2) 156000 Paid-in-capital-in excess of par- Common stock (78000*2) 156000 (to record the issue of common stock) Mar 1 Cash (5750*110) 632500 Preferred stock (5750*100) 575000 Paid-in-capital-in excess of par- Preferred stock (5750*10) 57500 (to record the issue of Preferred stock) Apr 1 Land 80500 Common stock (23000*2) 46000 Paid-in-capital-in excess of par- Common stock (80500-46000) 34500 (to record the issue of common stock in exchange of land) May 1 Cash (81500*4.25) 346375 Common stock (81500*2) 163000 Paid-in-capital-in excess of par- Common stock (81500*2.25) 183375 (to record the issue of common stock) Aug 1 Legal Fees 42000 Common stock (10500*2) 21000 Paid-in-capital-in excess of par- Common stock (42000-21000) 21000 (to record the issue of common stock for settling legal fees) Sep 1 Cash (11500*6) 69000 Common stock (11500*2) 23000 Paid-in-capital-in excess of par- Common stock (11500*4) 46000 (to record the issue of common stock) Nov 1 Cash (3000*108) 324000 Preferred stock (3000*100) 300000 Paid-in-capital-in excess of par- Preferred stock (3000*8) 24000 (to record the issue of Preferred stock)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.