Chapter 13 Homework Ex 13-3 Algo ment/takeAssignmentMain.do?inprogress-true eBoo

Question

Chapter 13 Homework
Ex 13-3 Algo

ment/takeAssignmentMain.do?inprogress-true eBook Show Me How Calculator Entries for issuing par stock Chart of Accounts Journal Final Question Instructions On April 20, Gallatin County Rocks Inc., a marble contractor,issued for cash 74,600 shares of $40 par common slock at $56, and on August 7,.t issued for cash 15,640 shares of preferred stock, $10 par at $12. Required: A. Joumalize the entries for April 20 and August 7. Refer to the Chart of Accounts for exact wording of account titles B. What is the total amount invested (total paid-in capital) by all stockholders as of August 7?

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Debit Credit April 20 Cash Dr (74,600*56)           4,177,600.00 To Common Stock (74600*40)         2,984,000.00 To Additional paid in capital = (74600*16)         1,193,600.00 Aug 07 Cash Dr (15,640*12)               187,680.00 To Preferred stock (15,640*10)             156,400.00 To Additional paid in capital - Preferred Stock = (15,640*2)               31,280.00 Total Amount Invested = 4,177,600 + 187,680           4,365,280.00

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