FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles.
  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
  ASSETS
110 Cash
120 Accounts Receivable
131 Notes Receivable
132 Interest Receivable
141 Inventory
145 Office Supplies
151 Prepaid Insurance
181 Land
193 Equipment
194 Accumulated Depreciation-Equipment
  LIABILITIES
210 Accounts Payable
221 Notes Payable
226 Interest Payable
231 Cash Dividends Payable
241 Salaries Payable
261 Mortgage Note Payable
  EQUITY
236 Stock Dividends Distributable
311 Common Stock
312 Paid-In Capital in Excess of Par-Common Stock
315 Treasury Stock
321 Preferred Stock
322 Paid-In Capital in Excess of Par-Preferred Stock
331 Paid-In Capital from Sale of Treasury Stock
340 Retained Earnings
351 Cash Dividends
352 Stock Dividends
  REVENUE
410 Sales
610 Interest Revenue
  EXPENSES
510 Cost of Goods Sold
515 Credit Card Expense
520 Salaries Expense
531 Advertising Expense
532 Delivery Expense
533 Selling Expenses
534 Rent Expense
535 Insurance Expense
536 Office Supplies Expense
537 Organizational Expenses
562 Depreciation Expense-Equipment
590 Miscellaneous Expense
710 Interest Expense

 

a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles.
 
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?
 
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