Journalize the transactions. Dridgeport Corp, was organized on January 1, 2017.

Question

Journalize the transactions.

Dridgeport Corp, was organized on January 1, 2017. It is authorized to issue 20,500 shares of 7%, 53 par value preferred stock and 453,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan 10 Issued 65,500 shares of common stock for cash at $4 per share Marssued 1,130 shares of preferred stock for cash at $56 per share. May ssued 111,500 shares of common stock for cash at S5 per share Sept. 1 ssued 4,300 shares of common stock for cash at $7 per share Nov. 1 ssued 2,3DD shares of preferred stock for cash at $58 per share tkah atss

Explanation / Answer

Journal entry :

11500

Date accounts & explanation debit credit jan 10 Cash a/c 266000 Common stock a/c 66500 paid in capital in excess of stated value 199500 (To record issue of common stock) Mar 1 Cash a/c 63280 Preferred stock a/c 59890 paid in capital in excess of par value 3390 (To record issue of preferred stock) May 1 Cash a/c 557500 Common stock a/c 111500   paid in capital in excess of stated value 446000 (To record issue common stock) Sep 1 Cash a/c 30100 Common stock 4300 paid in capital in excess of stated value 25800 (To record issue common stock) Nov 1 Cash a/c 133400 Preferred stock a/c 121900 paid in capital in excess of par value

11500

(To record preferred stock)

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