xWileyPLUS x - Chegg Study Guided Solutio ?( On January 1. Guillen Corpor x-G on
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xWileyPLUS x - Chegg Study Guided Solutio ?( On January 1. Guillen Corpor x-G on January 1. Guillen Corpor × Mirza https://edugen.wileyplus.com/edugen/student/mainfr.uni ?How to Lighten D O How to Lighten D ) Online video tutori. ? Style And Comfort. Raping SJW's feel , B Learn to code | C... D Jupiter Grades Pranks gone Wron Learn to code c D Jupiter Grades a Pranks gone wron Weygandt, Accounting Principles, 12e PRIN OF ACCOUNTING (BTA 111/112) actice Gradebook ORION Downloadable eTextbook nment me: 11:44 PM/ Remaining: 124 min. FULL SCREEN PRINTER VERSION BACK NEXT Question 11 DeLong Corporation was organized on January 1 2017 t is authorized to issue 15,000 shares of 8%, s 100 par value preferred stock, and 456,000 shares of no par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year Jan. 10 Issued 79,000 shares of common stock for cash at $4 per share Mar. 1 Issued 5,000 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,500 shares of common stock for land. The asking price of the land was $94,500. The fair value of the land was $87,500. May 1 Issued 77,500 shares of common stock for cash at $5.25 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Sept. 1 Issued 11,000 shares of common stock for cash at $5 per share Nov. 1 Issued 2,000 shares of preferred stock for cash at $113 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10Cash 316000 Common Stock 158000 Paid-in Capital in Excess of Par-Common Stock 158000 Mar. 1 Cash 550000 Preferred Stock 500000 Canital in Fxress nf Par-Preferred Stork Version 4.24.8 .Policy I 2000-2018Johnwileyasons.nc. Al Rights Reserved. A Division of 20hn.wiley. Sons.Inc 3Explanation / Answer
Date Account Titles and Explanation Debit Credit Jan. 10 Cash (79000 x $4) 316000 Common stock (79000 x $2) 158000 Paid-in capital in excess of stated value-common stock 158000 Mar. 1 Cash (5000 x $110) 550000 Preferred stock (5000 x $100) 500000 Paid-in capital in excess of par-preferred stock 50000 Apr. 1 Land 87500 Common stock (23500 x $2) 47000 Paid-in capital in excess of stated value-common stock 40500 May. 1 Cash (77500 x $5.25) 406875 Common stock (77500 x $2) 155000 Paid-in capital in excess of stated value-common stock 251875 Aug. 1 Organization expenses 45000 Common stock (11000 x $2) 22000 Paid-in capital in excess of stated value-common stock 23000 Sept.1 Cash (11000 x $5) 55000 Common stock (11000 x $2) 22000 Paid-in capital in excess of stated value-common stock 33000 Nov. 1 Cash (2000 x $113) 226000 Preferred stock (2000 x $100) 200000 Paid-in capital in excess of par-preferred stock 26000 Preferred Stock Date Explanation Ref. Debit Credit Balance Mar. 1 J5 500000 500000 Nov. 1 J5 200000 700000 Common Stock Date Explanation Ref. Debit Credit Balance Jan. 10 J5 158000 158000 Apr. 1 J5 47000 205000 May. 1 J5 155000 360000 Aug. 1 J5 22000 382000 Sept.1 J5 22000 404000 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Mar. 1 J5 50000 50000 Nov. 1 J5 26000 76000 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Jan. 10 J5 158000 158000 Apr. 1 J5 40500 198500 May. 1 J5 251875 450375 Aug. 1 J5 23000 473375 Sept.1 J5 33000 506375 DELONG CORPORATION Balance Sheet (Partial) December 31, 2017 Stockholders' Equity Capital Stock: Preferred stock 700000 Common stock 404000 Total capital stock 1104000 Additional paid-in capital Paid-in capital in excess of par-preferred stock 76000 Paid-in capital in excess of stated value-common stock 506375 Total additional paid-in capital 582375 Total Stockholders' Equity 1686375
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