Gallatin Specialty Advertising was organized on September 1 P.O. 5,4,5 of this year, with a charter providing
Question:
Gallatin Specialty Advertising was organized on September 1 P.O. 5,4,5 of this year, with a charter providing for authorized capital as follows:
a. 2,000 shares of preferred 7 percent stock, $50 par value
b. 40,000 shares of no-par common stock, $10 stated value During the first year of operations, Gallatin Specialty Advertising completed the following transactions:
Sept. 1 Received subscriptions to 8,000 shares of common stock at $12 per share, collecting 30 percent of the subscription price.
3 Bought equipment from Gallatin, one of the promoters, for $32,000.
Gallatin accepted 3,000 shares of common stock in return for the equipment. (Credit Paid-in Capital in Excess of Stated Value,
$2,000.)
Instructions Check Figure , , . , . , c , 1 1 • Total paid-in capital, $208,800 Record these transactions m general journal form. What is the total paid-m capital?
Instructions for General Ledger Software 1. Record the entries in the general journal.
2. Print the general journal. What is the total paid-in capital?
Step by Step Answer:
College Accounting Chapters 1-26
ISBN: 9780395796993
6th Edition
Authors: Douglas J. McQuaig, Patricia A. Bille