Problem 13-1A

DeLong Corporation was organized on January 1, 2014. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 455,700 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan.	10		Issued 83,700 shares of common stock for cash at $4 per share.
Mar.	1		Issued 4,800 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 24,000 shares of common stock for land. The asking price of the land was $86,200. The fair value of the land was $85,000.
May	1		Issued 77,800 shares of common stock for cash at $4.45 per share.
Aug.	1		Issued 10,500 shares of common stock to attorneys in payment of their bill of $41,200 for services performed in helping the company organize.
Sept.	1		Issued 10,500 shares of common stock for cash at $6 per share.
Nov.	1		Issued 2,360 shares of preferred stock for cash at $113 per share.

Journalize the transactions.

Date Account Titles and Explanation Debit Credit

Jan 10

March 1

April 1

May 1

Aug 1

Sept 1

Nov 1^st

Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.)

Preferred Stock

Date

March 1

Nov 1

Common Stock

Jan 10

April 1

May 15, 2015 Aug 1

Sep 1

Paid in Capital in Excess of Par-Preferred Stock

Answer rating: 100% (QA)

Date 10 Jan 1 Mar 1 Apr Accounts Title and Explanations Cash AC 845004 ... View the full answer