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ew History Bookmarks Window Help 61% Thu 8:24 PM edugen wileyplus.conm 0 e74-Watch Anime Online English Subbed WileyPLUS I HepI Contact Us I Log W'e gandt, Accounting Principles, 12e ACCOUNTING PRINCIPLES (AC 1101/1201/1162 ctice Gradebook ORION Downloadable eTextbook nment NEXT Problem 13-1A DeLong Corporation was organized on January 1, 2017. It is authorized to issue 12,000 shares of 8%, s 100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completerd during the first year Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares of preferred stock for cash at $105 per share Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $84,500 May 1 Issued 76,000 shares of common stock for cash at $4.50 per share Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the Sept. Nov. 1 1 company organize. Issued 10,500 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $112 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 20 F9 72 F3 F4 FSExplanation / Answer
Date Account titles & Explanations Debit Credit 10-Jan Cash (77000*6) 462000 Common stock (77000*3) 231000 paid in capital in excess of stated value-CS 231,000 1-Mar Cash (4,300*105) 566500 preferred stock (4300*100) 430000 paid in capital in excess of par-PS 21500 1-Apr land 84,500 Common stock (25000*3) 75,000 paid in capital in excess of stated value-CS 9,500 1-May Cash (76000*4.50) 342000 Common stock (76000*3) 228000 paid in capital in excess of stated value-CS 114000 1-Aug Organizational expense 36,000 common stock (12000*3) 36,000 1-Sep Cash (10500*7) 73500 common stock (10500*3) 31500 paid in capital in excess of stated value-CS 42000 1-Nov Cash (1000*112) 112000 preferred stock (1000*100) 100000 paid in capital in excess of par -PS 12000 Preferred stock Date Explaination Ref Debit Credit Balance 1-Mar 430,000 430,000 1-Nov 100,000 530,000 common stock Date Explaination Ref Debit Credit Balance 10-Jan 231,000 231,000 1-Apr 75,000 306,000 1-May 228000 534,000 1-Aug 36,000 570,000 1-Sep 31500 601,500 paid in capital in excess of par -Preferred stock Date Explaination Ref Debit Credit Balance 1-Mar 21,500 21,500 1-Nov 12,000 33,500 paid in capital in excess of stated value-common stock Date Explaination Ref Debit Credit Balance 10-Jan 231,000 231,000 1-Apr 9,500 240,500 1-May 114000 354,500 1-Sep 42000 396,500 Balance sheet (partial) As on dec 31,2017 paid in capital Capital stock preferred stock 530,000 common stock 601,500 total capital stock 1,131,500 Addittional paid in capital paid in capital in excess of par -PS 33,500 paid in capital in excess of stated value-CS 396,500 total addittional paid in capital 430,000 total paid in capital 1,561,500
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