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Swifty Corporation was organized on January 1, 2025. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,740 shares of common stock for cash at $6 per share Jan, 10 Mar. Apr. 1 Issued 5,980 shares of preferred stock for cash at $109 per share. May Aug 1 Sept 1 Issued 24,200 shares of common stock for land. The asking price of the land was $90,970; the fair value of the land was $80,740. Issued 80.740 shares of common stock for cash at $9 per share. Issued 9,400 shares of common stock to attorneys in payment of their bill of $48,600 for services rendered in helping the company organize Issued 9,400 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,080 shares of preferred stock for cash at $118 per share Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date Jan. 10 く Cash Debit 484440 Credit Common Stock Paid-in Capital in Excess of Par-Common Stock Mar. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Apr. 1 く Land Common Stock Paid-in Capital in Excess of Par - Common Stock May 1 く Cash Aug 1 く Common Stock Paid-in Capital in Excess of Par-Common Stock Organization Expense Common Stock Paid-in Capital in Excess of Par - Common Stock Sept. 1 く Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 24200 48600 80740 403700

Swifty Corporation was organized on January 1, 2025. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,740 shares of common stock for cash at $6 per share Jan, 10 Mar. Apr. 1 Issued 5,980 shares of preferred stock for cash at $109 per share. May Aug 1 Sept 1 Issued 24,200 shares of common stock for land. The asking price of the land was $90,970; the fair value of the land was $80,740. Issued 80.740 shares of common stock for cash at $9 per share. Issued 9,400 shares of common stock to attorneys in payment of their bill of $48,600 for services rendered in helping the company organize Issued 9,400 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,080 shares of preferred stock for cash at $118 per share Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date Jan. 10 く Cash Debit 484440 Credit Common Stock Paid-in Capital in Excess of Par-Common Stock Mar. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Apr. 1 く Land Common Stock Paid-in Capital in Excess of Par - Common Stock May 1 く Cash Aug 1 く Common Stock Paid-in Capital in Excess of Par-Common Stock Organization Expense Common Stock Paid-in Capital in Excess of Par - Common Stock Sept. 1 く Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 24200 48600 80740 403700

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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Swifty Corporation was organized on January 1, 2025. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,740 shares of common stock for cash at $6 per share Jan, 10 Mar. Apr. 1 Issued 5,980 shares of preferred stock for cash at $109 per share. May Aug 1 Sept 1 Issued 24,200 shares of common stock for land. The asking price of the land was $90,970; the fair value of the land was $80,740. Issued 80.740 shares of common stock for cash at $9 per share. Issued 9,400 shares of common stock to attorneys in payment of their bill of $48,600 for services rendered in helping the company organize Issued 9,400 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,080 shares of preferred stock for cash at $118 per share Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date Jan. 10 く Cash Debit 484440 Credit Common Stock Paid-in Capital in Excess of Par-Common Stock Mar. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Apr. 1 く Land Common Stock Paid-in Capital in Excess of Par - Common Stock May 1 く Cash Aug 1 く Common Stock Paid-in Capital in Excess of Par-Common Stock Organization Expense Common Stock Paid-in Capital in Excess of Par - Common Stock Sept. 1 く Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 24200 48600 80740 403700
Transcribed Image Text:Swifty Corporation was organized on January 1, 2025. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,740 shares of common stock for cash at $6 per share Jan, 10 Mar. Apr. 1 Issued 5,980 shares of preferred stock for cash at $109 per share. May Aug 1 Sept 1 Issued 24,200 shares of common stock for land. The asking price of the land was $90,970; the fair value of the land was $80,740. Issued 80.740 shares of common stock for cash at $9 per share. Issued 9,400 shares of common stock to attorneys in payment of their bill of $48,600 for services rendered in helping the company organize Issued 9,400 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,080 shares of preferred stock for cash at $118 per share Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date Jan. 10 く Cash Debit 484440 Credit Common Stock Paid-in Capital in Excess of Par-Common Stock Mar. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Apr. 1 く Land Common Stock Paid-in Capital in Excess of Par - Common Stock May 1 く Cash Aug 1 く Common Stock Paid-in Capital in Excess of Par-Common Stock Organization Expense Common Stock Paid-in Capital in Excess of Par - Common Stock Sept. 1 く Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 24200 48600 80740 403700
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