tMain.do s-false Print Item Entries for Issuing Par Stock On October 31, Legacy
ID: 2402338 • Letter: T
Question
tMain.do s-false Print Item Entries for Issuing Par Stock On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 130,000 shares of $5 par common stock at $8, and on November 19, it issued for cash 20,000 shares of $15 par preferred stock at $51. a. Journalize the entries for October 31 and November 19. For a compound transaction, if an amount box does not require an entry, leave it blank. Oct. 31 Nov. 19 b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Next 5 more Check My Work uses remaining 255 AMExplanation / Answer
Answer:
journal entries fpr issuence of common stock and prefered stock
2) Total paid in capital as on november 19th
Date Account name Debit $ credit $ oct-31st cash 1040000 common stock@5$par*130000 650000 Additional Paid-In Capital@3$*130000 390000 nov 19th cash 1020000 prefered stock@15$ par*20000 300000 Additional Paid-In Capital@36$*20000 720000
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