DeLong Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
DeLong Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 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 Mar Apr. May Aug Sept. Nov. 1 1 1 1 1 1 Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000. Issued 80,000 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Jan 10 Mar 1 Apr 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paidin Capital in Excess of Par-Preferred Stock Land Common Stock Paid in Copical in Excess of Stated Value-Common Stock Debit 320000 525000 85000 Credit ‒‒‒‒‒ 160000 160000 500000 25000 448000 97000 May 1 Aug 1: Sept. 1 # Nov. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Organization Expense Common Stock Paid in Capital in Excess of Stated Value-Common Stock Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid in Capital in Excess of Par-Preferred Stock III 360000 30000 50000 M 09000 III 160000 200000 20000 10000 20000 130000 T 100000 9000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) # Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock # # ÷ 4 111 Paid-in Capital in Excess of Stated Value-Common Stock # DeLong Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 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 Mar Apr. May Aug Sept. Nov. 1 1 1 1 1 1 Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000. Issued 80,000 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize. Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Jan 10 Mar 1 Apr 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paidin Capital in Excess of Par-Preferred Stock Land Common Stock Paid in Copical in Excess of Stated Value-Common Stock Debit 320000 525000 85000 Credit ‒‒‒‒‒ 160000 160000 500000 25000 448000 97000 May 1 Aug 1: Sept. 1 # Nov. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Organization Expense Common Stock Paid in Capital in Excess of Stated Value-Common Stock Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid in Capital in Excess of Par-Preferred Stock III 360000 30000 50000 M 09000 III 160000 200000 20000 10000 20000 130000 T 100000 9000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) # Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock # # ÷ 4 111 Paid-in Capital in Excess of Stated Value-Common Stock #
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
The following selected transactions were completed during the first year of operations: Jan. 3 Issued 15,000 shares of common stock at $23 per share for cash. 31 Issued 200 shares of common stock to...
-
The following selected transactions were completed during May between Sky Company and Big Co.: May 1. Sky Company sold merchandise on account to Big Co., $72,000, terms FOB destination, 2/15, n/eom....
-
The following selected transactions were completed during January between McGowan Company and Xi Co.: Jan. 1. McGowan Company sold merchandise on account to Xi Co., $28,600, terms FOB destination,...
-
Freddie and Jason have just opened the Texas Toothpick, a chain-saw sharpening and repair service located on Elm Street. The Texas Toothpick promises same-week repair service. Freddie and Jason are...
-
Nates Pool Services uses from one to three chemicals to clean swimming pools. Variance data for the month follow (F indicates favorable variance; U indicates unfavorable variance): The budget allowed...
-
A bank can borrow or lend at LIBOR. Suppose that the six-month rate is 5% and the nine-month rate is 6%. The rate that can be locked in for the period between six months and nine months using an FRA...
-
How many more edges must be included with the dashed edges to create a spanning tree? A student has been asked to construct a spanning tree for Graph \(O\), as shown in the figure. The dashed lines...
-
Rosco Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 150,000 miles. Taxi no. 10 cost $39,500 and is expected to have a...
-
States often enact legislation to encourage businesses to purchase old and abandoned industrial properties, fix any environmental issues there, and develop those properties . ?Businesses may get a...
-
Calloway Cab Company determines its break-even strictly on the basis of cash expenditures related to fixed costs. Its total fixed costs are $530,000, but 5 percent of this value is represented by...
-
(a) Determine the market price of a $1,000,000, ten-year, 12% (pays interest semiannually) bond issue sold to yield an effective rate of 8%. (b) Prepare an amortization schedule using the effective...
-
Make the changes to the policies and procedures as outlined in your learning strategy review and in the previous activity step and make changes to the strategy document also. Save this version of the...
-
Topper Inc. had following inventories on March 1: Finish goods Rs. 15000, WIP Rs. 19070 and Materials Rs. 14000. The work in process control three jobs: Job No. 62 Materials Rs. 2800, Labor Rs. 2100...
-
1. Explain how an organization's strategic positioning informs its management systems resource planning. First, identify the outcome that you are addressing. Then, for each outcome, provide one...
-
Parsons Company incurred P475,000 in overhead costs making 40,000 units in August. It made 30,000 units and incurred P447,000 in overhead costs in September. Compute the variable component of...
-
When performing the work activity in the 'real world. Answer the questions and list implications for your learning program Task skills What organizational policies and procedures must learners...
-
The ramp of a moving truck touches the ground 16 feet away from the end of the truck If the ramp makes an angle of 12 relative to the ground what is the length of the ramp Round your answer to two...
-
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to...
-
The management of Shatner Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a component of the...
-
Dennis Luljak started his own delivery service, Luljak Deliveries, on June 1, 2014. The following transactions occurred during the month of June. June 1 Dennis invested $10,000 cash in the business....
-
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Sold...
-
Labor schedule with iearning curve costs Botega Company has just completed the first 30 units of a small single-engine airplane of a new design. The average labor cost for the 30 airplanes was...
-
Use of iearning curve tabies The S & J Engineering Company utilized 1,200 hours of labor to design and write production specification for the production line of a new manufacturing plant the firm has...
-
Learning curve schedule and formulas The time required to complete the first unit of a labor-intensive product was 100 hours. Production is subject to a learning curve with an 80 percent learning...
Study smarter with the SolutionInn App