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 ACCOUNTSJefferson County Rocks Inc.General Ledger ASSETS110Cash120Accounts Receivable131Notes Receivable132Interest Receivable141Inventory145Office Supplies151Prepaid Insurance181Land193Equipment194Accumulated Depreciation-Equipment LIABILITIES210Accounts Payable221Notes Payable226Interest Payable231Cash Dividends Payable241Salaries Payable261Mortgage Note Payable EQUITY236Stock Dividends Distributable311Common Stock312Paid-In Capital in Excess of Par-Common Stock315Treasury Stock321Preferred Stock322Paid-In Capital in Excess of Par-Preferred Stock331Paid-In Capital from Sale of Treasury Stock340Retained Earnings351Cash Dividends352Stock Dividends REVENUE410Sales610Interest Revenue EXPENSES510Cost of Goods Sold515Credit Card Expense520Salaries Expense531Advertising Expense532Delivery Expense533Selling Expenses534Rent Expense535Insurance Expense536Office Supplies Expense537Organizational Expenses562Depreciation Expense-Equipment590Miscellaneous Expense710Interest Expense a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4 5 6 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

Answered: On January 22, Jefferson County Rocks…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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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