FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
thumb_up100%
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred stock , $9 par at $12.
Required:
a. |
|
b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? |
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jefferson County Rocks Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
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?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- How I recorded the following transactions in general journal for BM, Inc. Include with a brief explanation of the transactions as part of each journal entry. sept 1 the BM, In issued 5,000 additional shares of capital stock to doctor Matos at $ 72 per share. sep2 the bm purchased diasgnostic equipment. he equipment cost $300,000, of which $120,000 was paid in cash; a note payable was issued for the balance. sept 3issued a check for $7,200 in full payment of an account payable to Figueroa laboratories sept10 purchased surgical supplies for $4,800. payment is not due until November 28. sept20 collected an $96,000 account receivable from health two insurance company. sept30 declared and paid a $6000,000 cash dividend to stockholders.arrow_forwardKinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Transaction a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses Common Stock, $25 Par Value. Paid-In Capital in Excess of Par Value, Common Stock Cash Accounts Receivable Building Notes Payable. Common stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Common stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital Debit 280,000 150,000 46,000 19,500 82,800 136,000 Credit 245,000 35,000 128,000 22,000 59,700 58,600 30,000 79,000 57,000arrow_forwardDuring the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********arrow_forward
- The following transactions took place for Solar Company. Nov. 12 Declared total cash dividend of $45,000 for stockholders of record November 20 payable on December 1. Required Record the journal entries on the above dates Briefly describe the significance of November 20arrow_forwardPlease helparrow_forwardOn January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of $25 par common stock at $85, and on February 27, it issued for cash 120,000 shares of preferred stock, $5 par at $9. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?arrow_forward
- Need some help with this financial accounting question.arrow_forwardHello question is attached, thanks.arrow_forwardGotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.arrow_forward
- On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8 par common stock at $27, and on February 27, it issued for cash 150,000 shares of preferred stock, $8 par at $10.a. Journalize the entries for January 22 and February 27.If an amount box does not require an entry, leave it blank.Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$arrow_forwardSummit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million. Prepare the stockholders’ equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)arrow_forwardDeliberate Speed Corporation (DSC) was Incorporated as a private company. The company's accounts Included the following at June 30: Accounts Payable Buildings Cash Connon Stock $ 22,700 158,eee 46,250 170,eee 153,500 226,000 Equipment Land Notes Payable (long-tern) Retained Earnings Supplies 3,200 395,650 7,880 During the month of July, the company had the following activities: a. Issued 4,600 shares of common stock for $460,000 cash. b. Borrowed $189,000 cash from a local bank, payable In two years. c. Bought a bullding for $202,000: pald $85,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $277,000. e. Purchased supplies for $45,750 on account. 3. Summarize the Journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Land…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education