#15) At Fiscal year-end 2014, Hipper Printer and Delightful Doughnuts reported t

Question

#15) At Fiscal year-end 2014, Hipper Printer and Delightful Doughnuts reported these adapted amounts on their balance sheets(amounts in millions)

Hipper Printer

Common Stock, $0.01 par value, 2,200 Shares issued                                                   $22

Additional Paid-in capital                                                                                                      17,800

Delightful Doughuts

Common Stock, no par value, 69 Shares issued                                                              $298

Assume each company issued its stock in a singel transaction. JOurnalize each compan's issuanc of its stock, using its actual account titles. Explanations are not required. (Enter amounts in millions,. Record debits first, then credits, Excllude explanation from any journal entries.)

Begin by jounalizing Hipper Printer Common Stock Issuance

Journal Entry

Accounts                                                  Debits                                       Credit

(Accounts Receivable,                                                  Millions

Additional Paid-in Capital,

Cash, Common Stock,

Equipment, Inventory,

Operating Expenses,

Preferred Stock,

Sales Revenue)

Explanation / Answer

Hipper Printer

Delightful Doughuts

Journal Entry Debit (in M) Credit (in M) Cash 17,822 Common Stock 22 Additional Paid In Capital 17,800

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