Calculator Print Item Entries for issuing stock Instructions Chart of Accounts J

Question

Calculator Print Item Entries for issuing stock Instructions Chart of Accounts Journal ts Journal Instructions On May 23, Stoltz Realty Inc. issued for cash 93,000 shares of no-par common stock (with a stated value of $5) at $6. On July 6, Stoltz Realty Inc issued at par value 45,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 16,000 shares of preferred 1% stock, $10 par at $15. Journalize the entries to record the May 23, July 6, and September 15 transactions Refer to the Chart of Accounts for exact wording of account titles

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit May 23 Cash (93000*6) 558000     Common stock (93000*5) 465000      Paid in capital in excess of stated value-common stock 93000 July 6 Cash 450000      Preferred stock 450000 Sep 15 Cash (16000*15) 240000      Preferred stock (16000*10) 160000       Paid in capital in excess of par value-preferred stock 80000

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