On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of $45
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of $45 par common stock at$56, and on February 27, it issued for cash 18,450 shares of preferred stock, $10 par at $15.
a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
Related Book For
Financial and Managerial Accounting
ISBN: 978-1337119207
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date: