FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred
stock, and 504,000 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 85,000 shares of common stock for cash at $4 per share.
Issued 5,150 shares of preferred stock for cash at $110 per share.
Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land
was $84,000.
Mar. 1
Apr.
May
Aug.
Sept.
Nov.
1
Issued 78,000 shares of common stock for cash at $5.25 per share.
Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in
helping the company organize.
Issued 12,000 shares of common stock for cash at $7 per share.
1 Issued 1,000 shares of preferred stock for cash at $113 per share.
1
1
1
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Transcribed Image Text:Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 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 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. Mar. 1 Apr. May Aug. Sept. Nov. 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. 1 Issued 1,000 shares of preferred stock for cash at $113 per share. 1 1 1
Journalize the transactions. (List all debit entries before credit entries. 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
Credit
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Transcribed Image Text:Journalize the transactions. (List all debit entries before credit entries. 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 Credit
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