Sierra Systems completed the following stock issuance? transactions: LOADING...R

Question

Sierra Systems completed the following stock issuance? transactions: LOADING...Requirements 1. Journalize the transactions. Explanations are not required. 2. How much? paid-in capital did these transactions generate for Sierra ?Systems? Requirement 1. Journalize the transactions. Explanations are not required. ?(Check your spelling carefully and do not abbreviate. Be sure to include the type of stock in the account names where applicable and enter par values as whole dollar amounts. Record debits? first, then credits. Exclude explanations from any journal? entries.) May ?19: Issued 1 comma 100 shares of ?$3 par value common stock for cash of ?$10.00 per share. Date Accounts Debit Credit May 19 Jun. ?3: Issued 300 shares of ?$5?, ?no-par preferred stock for ?$15 comma 000 cash. Date Accounts Debit Credit Jun. 3 Sierra Systems completed the following stock issuance? transactions: LOADING...?(Click the icon to view the? transactions.) Requirements 1. Journalize the transactions. Explanations are not required. 2. How much? paid-in capital did these transactions generate for Sierra ?Systems? Requirement 1. Journalize the transactions. Explanations are not required. ?(Check your spelling carefully and do not abbreviate. Be sure to include the type of stock in the account names where applicable and enter par values as whole dollar amounts. Record debits? first, then credits. Exclude explanations from any journal? entries.) May ?19: Issued 1 comma 100 shares of ?$3 par value common stock for cash of ?$10.00 per share. Date Accounts Debit Credit May 19 Jun. ?3: Issued 300 shares of ?$5?, ?no-par preferred stock for ?$15 comma 000 cash. Date Accounts Debit Credit Jun. 3 Jun. ?11: Received equipment with a market value of $ 74 comma 000 in exchange for 4 comma 000 shares of the ?$3 par value common stock. Date Accounts Debit Credit Jun. 11 May 19 Issued 1,100 shares of $3 par value common stock for cash of $10.00 per share. Jun. 3 Isssued 300 shares of $5, no-par preferred stock for $15,000 cash. 11 Received equipment with a market value of $74,000 in exchange for 4,000 shares of the $3 par value common stock. Requirement 2. How much? paid-in capital did these transactions generate for Sierra ?Systems? Jun. ?11: Received equipment with a market value of $ 74 comma 000 in exchange for 4 comma 000 shares of the ?$3 par value common stock. Date Accounts Debit Credit Jun. 11 Requirement 2. How much? paid-in capital did these transactions generate for Sierra ?Systems?

Explanation / Answer

May 19 Cash (1100*10) 11000 Paid in capital-excess at par Common Stock (1100*7) 7700 Common stock (1100*3) 3300 Jun 3 Cash 15000 Preferred Stock 15000 (since NO_PAR stock, hence not paid capital generation) Jun 11 Equipment 74000 Paid in capital-excess at par Common Stock 74000-12000 62000 Common Stock (4000*3) 12000 Paid Capital Generated 69700 (7700+62000)

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.